UBS CEO warns of painful jobs decisions after Credit Suisse takeover

Credit Suisse AG

02/06/2023 11:29

BERN, June 2 (Reuters) - UBS  UBSG.S  Chief Executive
Sergio Ermotti on Friday warned of painful decisions about job
cuts following the takeover of Credit Suisse  CSGN.S .
    "We won't be able to create, short term, job opportunities
for everybody. Synergies is part of the story," Ermotti told a
financial conference in Bern.
    "We need to take a serious look at the cost base of the
standalone and combined organisations and create a sustainable
outcome," he added. "It will be painful."
    Switzerland's no. 1 bank, which agreed in March to take over
its smaller Swiss rival as part of a rescue orchestrated by
Swiss authorities, has said it aimed to close the deal quickly
with Ermotti saying on Friday he hoped it could be done in the
next few days.    
    

 (Reporting by John Revill
Editing by Tomasz Janowski)
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