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According to the report, based on insider information, the first round of the liquidation will take place in early July, while the other rounds will take place in September and October. Investment bank workers in London, New York and Asia are particularly worried about losing their jobs. Specifically, according to the information, there are a total of around 35,000 jobs in the room.
UBS declined to comment to Bloomberg on the matter.
However, layoffs due to the urgent takeover of CS by UBS are not new. UBS CEO Sergio Ermotti (63) has said several times that such a situation cannot be avoided. However, the reduction has not yet been measured.
Fluctuations and retirements?
Ermotti is also convinced that much of the downsizing can be handled through fluctuations and retirements. At the same time, the UBS boss promised a generous social plan in case of layoffs.
For example, after the CS takeover, UBS recently harmonized the benefits of both banks’ social plans. This is to ensure that employees affected by downsizing – regardless of whether they come from UBS or CS – are treated equally. (pbe/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
