UBS to lay off more than half of Credit Suisse workers

Of the combined UBS and Credit Suisse workforce, 30% will be laid off, meaning the departure of some 35,000 employees

June 27 () –

Swiss bank UBS will lay off more than half of Credit Suisse’s staff from next month, mainly affecting bankers, traders and support staff in London, New York and Asia, sources familiar with the matter have revealed. .

According to information advanced by ‘Bloomberg’, the layoffs will come in three rounds, all this year, with the first scheduled for the end of July and the other two in September and October. These processes will entail the departure of 30% of the employees of the combination of the two financial entities, that is, some 35,000 workers, who will come, for the most part, from Credit Suisse. The latter employs some 45,000 people. With these measures, UBS plans to save 6,000 million dollars (5,474 million euros) over the next few years.

For his part, the current CEO of UBS, Sergio Ermotti, who returned to the Swiss bank in March to lead the merger of both firms, said Tuesday from Zurich that the process is going “very well.”

UBS acquired Credit Suisse as a result of the Swiss state-sponsored merger operation following the contagion of financial instability unleashed by the collapse of Silicon Valley Bank (SVB) in the United States.

The layoffs at UBS continue, in this way, with the dynamics already existing in the sector and for which Goldman Sachs announced on June 1 that it would do without 250 employees, which would be added to the 3,200 communicated in January. For its part, Morgan Stanley is finalizing the departure of 3,000 workers by the end of this month.