UBS is considering cutting thousands of jobs after buying Credit Suisse

Swiss bank UBS plans to implement workforce reductions that would affect between 20 and 30 percent of staff, according to information from a Swiss newspaper. SonntagsZeitung behind the recent acquisition of Credit Suissewhich will be investigated by the Swiss prosecutor’s office.

According to internal sources consulted by the newspaper, the entity would plan to cut between 20% and 30% of jobs, which would mean the departure of between 25,000 and 36,000 workers worldwideincluding about 11,000 in Switzerland.

For its part, the Swiss prosecutor’s office opened an investigation into the acquisition of Credit Suisse by UBS, which had the support of state authorities. “The federal prosecutor’s office wants to proactively fulfill its mission and responsibility to contribute to a clean Swiss financial center and has established oversight to take immediate action in any situation that falls within its scope,” officials told the daily. Financial Times.

As a person familiar with the situation told the newspaper, one focus of the investigation will be confidential information about the negotiations leaked to the press, which could constitute a violation of state secrets or industrial espionage laws.