UBS CEO says around 10% of Credit Suisse employees have left the bank (updated)

Credit Suisse AG

12/06/2023 12:20

(Adds direct quote from executive)
       ZURICH, June 12 (Reuters) - UBS's  UBSG.S  Chief
Executive Sergio Ermotti said around 10% of Credit Suisse
 CSGN.S  staff have already left the company before its takeover
by his bank.
    "It's true that around 10% of the workforce have already
left in the last few months before the takeover," Ermotti told
Swiss broadcaster SRF in an interview. 
        UBS earlier on 
    Monday
     said it had completed its emergency takeover of stricken
local rival Credit Suisse, creating a giant Swiss bank with a
balance sheet of $1.6 trillion and greater muscle in wealth
management.
  
        The two banks jointly employ 120,000 worldwide, although
UBS has already said it will be cutting jobs to reduce costs and
take advantage of synergies.
  
        UBS also 
    announced
     a raft of management changes following the takeover.
  


 (Reporting by Noele Illien, editing by John Revill)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))