According to Bloomberg News, UBS plans to cut 35,000 jobs at Credit Suisse as part of the emergency rescue takeover of its rival in March. This would represent more than half of Credit Suisse’s workforce. The cuts are expected to be concentrated in investment banking and wealth management, and would be implemented over the next few years.
The job cuts are a sign of the challenges facing the Swiss banking industry. Both UBS and Credit Suisse have been struggling in recent years, and the takeover is seen as a way to create a more efficient and competitive bank. However, the job cuts are likely to have a significant impact on the Swiss economy, and could lead to further layoffs in other sectors.
The report also said that UBS is planning to sell its asset management business, which could result in the loss of another 10,000 jobs. The bank is also considering selling its real estate business, which could lead to the loss of another 5,000 jobs.
The job cuts are a sign that UBS is serious about restructuring its business and becoming more profitable. However, they are also a reminder of the challenges facing the Swiss banking industry. It remains to be seen whether the job cuts will be enough to save UBS and Credit Suisse, or whether they will lead to the collapse of one or both banks.
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