Switzerland’s largest financial holding company, UBS, is planning a mass layoff after it completes its acquisition of Credit Suisse. The dismissal threatens 36 thousand workers around the world.
According to the Sonntagszeitung, citing a senior manager at UBS, after the merger, the holding company plans to cut 20-30% of jobs. Based on the fact that UBS and Credit Suisse currently employ around 120 thousand employees worldwide, the number of layoffs could reach 25-36 thousand.
In Switzerland alone, 11,000 jobs could be cut.
According to The Guardian, even before the merger with UBS, Credit Suisse was planning to cut up to 9,000 employees as part of a cost-cutting strategy. This number can be included in the 25-36 thousand potential layoffs.
In mid-March, news broke that the Swiss National Bank and financial regulator Finma were pressuring UBS to buy Credit Suisse, which is in financial difficulty.
On March 19, the Swiss National Bank announced the merger of two financial institutions: UBS bought all the shares of Credit Suisse for $3.25 billion.
Photo: Simon Zenger/Shutterstock
Author:
Ahmed Sadulayev
Source: RB
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