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.

Global Central Bankers Convene to Discuss Final Interest Rate Decisions of 2023

Central bankers from half of the Group of 10 territories with the most-traded currencies are set to convene to determine their final interest rate...

Inflation Expectations Sink to Lowest Level in Two Years

The latest consumer sentiment survey from the University of Michigan showed that U.S. consumers are expecting inflation to be 3.1% in a year; a...

Stocks Hit Six-Week Winning Streak Following Strong Jobs Report

Stocks closed the first week of trading in December on a win, thereby securing their sixth consecutive winning week. This comes after the Bureau...