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Things started to get sour once again for Credit Suisse (CS) staff. According to “Financial News”, a new wave of layoffs is coming in November. This time, 10 percent of support workers, called support staff, will be laid off.
Things are likely to be tight in areas such as compliance, risk and marketing. Reason for layoffs: There is a large overlap between the two banks in the functions affected. According to the report, the new wave of layoffs will begin on November 6.
The portal is based on information received from relevant employees. An official confirmation from UBS is still awaited. It is not clear exactly where the positions in the support staff will be cut.
$10 billion in cost savings
Layoffs so far have been mostly in the management, banking and retail sectors. At the new UBS in Switzerland, 3,000 employees must clear their desks, the bank announced at the end of August. UBS aims to achieve cost savings of approximately $10 billion by 2026.
UBS and CS together have approximately 120,000 employees worldwide. According to UBS, approximately 8,000 people left the bank in the first half of 2023 as part of the integration. (lui)
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.
