HomeIndustriesUBS Could Cut 30% Of Jobs, Report Suggests

UBS Could Cut 30% Of Jobs, Report Suggests

Swiss daily Tages-Anzeiger reported on Sunday that the new bank created by UBS is set to cut 20% to 30% of its workforce, as was revealed by an unnamed senior manager at UBS. The new banking entity was created by UBS’s takeover of rival investment banking company Credit Suisse in a move that was financially supported by the Swiss government.

The deal, worth 3 billion Swiss francs ($3.3 billion), was engineered by the Swiss government, the central bank, and the market regulator as a means of preventing the failure of Credit Suisse and in turn, the collapse of the country’s banking sector.

While the takeover helped to keep Credit Suisse afloat by absorbing it into UBS, onlookers have become concerned by the sheer size of the new banking entity, with over $1.6 trillion in assets and more than 120,000 staff worldwide.

According to the report, approximately 11,000 jobs may be cut, with jobs in the U.S. arm of the investment bank also set to be affected.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...