UBS Prepping For Massive Layoffs Amid Credit Suisse Takeover: Report

UBS Group AG (NYSE: UBS), which agreed to buy peer Credit Suisse AG (NYSE: CS) in a central-bank-brokered deal, is preparing to eliminate about 20 to 30% of jobs worldwide, according to a recent report. 

UBS is expected to announce up to 36,000 job cuts across its branches, reports German Sunday newspaper SonntagsZeitung, which cited a senior manager at the bank. As many as 11,000 employees in Switzerland would be laid off, the publication noted. Details on which positions could be targeted weren’t yet clear, it added.

Both UBS and Credit Suisse together employed about 125,000 people at the end of 2022, according to Bloomberg. 

Credit Suisse previously announced the elimination of 9,000 positions ahead of the deal.

Following the agreement to take over Credit Suisse, UBS brought in its former CEO Sergio Ermotti to steer the company through the merger of two of the biggest global investment banks.

The New York-listed shares of UBS closed 4.05% higher at $21.34, according to Benzinga Pro data.
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