No other bank has laid off so many people this year: Credit Suisse leads the world ranking of dishonorables

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Little Switzerland surpasses even the big USA. But it’s a rather dishonorable first place: In 2023, we will be first in the world rankings for layoffs in the banking sector!

More than 60,000 people have been laid off in the banking sector worldwide this year, according to calculations by the Financial Times. A relatively high value that, as the British financial media writes, has eliminated most of the job growth since the end of the corona pandemic. However, this year is not a record year in terms of layoffs in banks. In the global financial crisis of 2007/2008, 140,000 jobs were lost in the financial sector.

UBS has just started to shut down

This year’s ranking includes Credit Suisse and UBS. The newspaper calculates that the end of CS has led to at least 13,000 job losses so far. Clarifications regarding the merger will continue in the new year. What this means is that of all jobs laid off in the banking sector worldwide, more than a fifth were laid off at CS or UBS this year.

In the list of banks with the most layoffs, UBS and CS are followed by US financial institutions Wells Fargo, Citigroup and Morgan Stanley. Among other things, interest rate reversal was a problem for them.

According to its own information, UBS currently employs 116,000 people. About a third of these are located in Switzerland. It’s unclear how many of them will remain employed in the new year: The 35,000 jobs that will be eliminated as a result of the merger has already been reported in the media. If this speculation turns out to be true, the bank and its staff will still face the lion’s share of layoffs.

Source :Blick