UBS to lay off more than half of Credit Suisse’s workforce

Swiss bank UBS lays off more than half of Credit Suisse’s staff starting next monthmainly affects bankers, traders and support staff from London, New York and Asiasources familiar with the matter reveal.

According to the information he presented Bloombergthere will be dismissal three roundsall this year, with the first scheduled for at the end of July, and the other two in September and October. These processes entail the departure of 30 percent of the employees of the merger of the two financial entities, that is, about 35,000 workers, most of whom will come from Credit Suisse. The latter employs about 45,000 people. With these measures, UBS plans to save 6,000 million dollars (5,474 million euros) the next few years.

For his part, current UBS chief executive Sergio Ermotti, who returned to the Swiss bank in March to lead the union of the two firms, said on Tuesday from Zurich that the process was going “very well”.

UBS was acquired by Credit Suisse as a result of a merger operation sponsored by the Swiss state after the contagion financial instability triggered by the collapse of Silicon Valley Bank (SVB) in the United States.

The layoffs at UBS continue, in this way, the dynamics that already exist in the sector and for which Goldman Sachs announced on June 1 that it will be without 250 employees, which will be added to the 3,200 announced in January. For its part, Morgan Stanley is completing the departure of 3,000 workers by the end of this month.