Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

TX AG

02/04/2023 08:30

GENEVA, April 2 (Reuters) - The bank created by the UBS
 UBSG.S  takeover of Credit Suisse  CSGN.S  is poised to reduce
its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on
Sunday, citing an unnamed senior UBS manager.   
    UBS agreed to buy Zurich rival Credit Suisse for 3 billion
Swiss francs ($3.3 billion) in a deal engineered by the Swiss
government, the central bank and market regulator to avoid a
meltdown in the country's financial system.
    But the deal, which was also designed to help to secure
financial stability globally, has raised concerns over the size
of a new bank with $1.6 trillion in assets and more than 120,000
staff worldwide.
    The report said the bank could cut about 11,000 jobs in
Switzerland.
    Jobs in its U.S. investment banking arm will also be
affected, the report said, with UBS set for talks to terminate a
deal that would have given Wall Street dealmaker Michael Klein
control of much of Credit Suisse's investment bank.

 (Reporting by Gabrielle Tetrault-Farber
Editing by David Goodman)
 ((gabrielle.tetrault-farber@thomsonreuters.com))