Analysts had already warned that large redundancies were likely, as there is partial overlap in the operations of two of the world’s most important banks.
Swiss banking group UBS plans to lay off 35,000 workers from Credit Suisse, which it rescued in March, financial news agency Bloomberg wrote on Tuesday based on his sources.
Credit Suisse had about 45,000 employees before it nearly collapsed amid investor fears about the bank’s solvency. Due to the situation, the Swiss government organized a large rescue package and UBS bought its competitor.
Analysts had already warned that large redundancies were likely, as there is partial overlap in the operations of two of the world’s most important banks.
UBS did not comment on Bloomberg’s information to the AFP news agency.
In total at the end of last year, bank waste had approximately 120,000 employees, of which 37,000 were in Switzerland.
Bloomberg based its information on sources close to the companies. According to the news agency, the employees had been told about the three waves of layoffs planned for this year. The first of these would reportedly be at the end of July, while the latter in September and October.
CEO of UBS Sergio Ermotti had warned earlier this month that the coming months were likely to be volatile. Ermotti said that the merger of the banks required waves of difficult decisions, especially regarding employees.
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