Connect with us

Hi, what are you looking for?

Entertainment

Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports – One America News Network


GENEVA (Reuters) – The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country’s financial system.

But the deal, which was also designed to help to secure financial stability globally, has raised concerns over the size of a new bank with $1.6 trillion in assets and more than 120,000 staff worldwide.

The report said the bank could cut about 11,000 jobs in Switzerland.

Jobs in its U.S. investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse’s investment bank.

(Reporting by Gabrielle Tetrault-Farber; Editing by David Goodman)

tagreuters.com2023binary_LYNXMPEJ31025-BASEIMAGE

tagreuters.com2023binary_LYNXMPEJ31026-BASEIMAGE

Advertisement. Scroll to continue reading.




By: OAN

Loading

Advertisement
Comments

You May Also Like

China

Online retail giant TEMU has announced a major shift in its supply chain strategy, revealing plans to begin sourcing and shipping products directly from...

democrate

On May 2, 2025, Arizona Governor Katie Hobbs officially vetoed House Bill 2099, legislation that would have expanded the duties of the governor and...

Biden Administration

In a startling revelation, Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. has accused the department, under the Biden administration, of being...

Politics

In a recent public statement, U.S. Secretary of State Marco Rubio defended the Trump administration’s sweeping cuts to foreign aid programs, emphasizing the need...

DOGE

In a recent public appearance, Elon Musk, head of the Department of Government Efficiency (Doge), openly ridiculed a $250 million U.S. Department of Labor...

News

An 18-year-old Long Island high school student is taking the tech world by storm with his innovative AI-powered calorie-tracking app — a project now...

Biden Administration

In a contentious interview marking his first 100 days back in office, President Donald Trump directly challenged ABC News correspondent Terry Moran, accusing the...

Democrats

Minnesota Governor Tim Walz is drawing attention following remarks made at Harvard’s Kennedy School in which he explained why then-presidential candidate Kamala Harris selected...

Advertisement
Back