CS reduction miracle: More than 16,000 jobs already gone – where did all those people go?

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UBS sent the bank’s subsidiary Credit Suisse its six-month report on Friday. What’s surprising: the number of designated employees. At the end of the first period in 2023, CS had 33,967 employees. According to the annual report, as of the end of 2022, 50,480 employees were still working at CS Group worldwide. Where did the 16,513 jobs go?

Everything is limited to a miracle; A mega reduction in such a short time? The urgent takeover of CS by UBS was decided only on 19 March 2023.

Consult CS. The half-year report lists only Credit Suisse AG employees, according to a spokesman. The approximately 10,000 employees working at CS Services AG are not included. These are primarily back office employees. Therefore, annual and semi-annual reports cannot be directly compared.

In its half-yearly report, CS presents a comparative figure: twelve months ago 38,908 people worked at the large bank. So actually the number of employees decreased. 13 percent minus. The spokesman says this is a mix of voluntary departures and the dissolution of the investment bank abroad.

Many go voluntarily

UBS boss Sergio Ermotti, 63, said at a media conference at the end of August that 8,000 CS employees had left the big bank voluntarily. Nearly half of the employees who resigned came from the United States or Asia. The rest come mostly from London. About 10 percent from Switzerland.

Still, UBS cannot avoid layoffs. It was said that another 3,000 people would lose their jobs in Switzerland alone in August. At that time, CS employed 17,000 people in Switzerland and UBS 21,000. It is still unknown how many jobs will be affected worldwide.

UBS also presented its results for the second quarter at the end of August, including separate figures for CS. The failed bank’s billion-dollar loss in the first half of the year is therefore not a big surprise: overall, the big bank recorded an adjusted loss of 3.5 billion francs.

Source :Blick