Thousands of UK Credit Suisse jobs at risk as UBS looks to cut more than half the bank’s workforce from next month
Job cuts: UBS is looking to cut more than half of Credit Suisse’s workforce from next month
UBS is looking to cut more than half of Credit Suisse’s workforce from next month as a result of the bank’s takeover –putting thousands of jobs in Britain at risk.
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York and in some parts of Asia are expected to bear the brunt, with almost all activities at risk, according to Bloomberg.
UBS intends to cut the total combined workforce by about 30 per cent – or 35,000 people – with many of the 45,000 staff at Credit Suisse in the firing line. That includes 5,000 in Canary Wharf, London.
UBS has 75,000 staff worldwide including 6,200 in the UK at offices in London, Edinburgh, Newcastle, Leeds, Manchester and Birmingham. Both banks declined to comment.
UBS completed an emergency takeover of Credit Suisse this month after a shotgun wedding was arranged by the country’s regulators. The deal created a giant with a £1.3trillion balance sheet and a workforce of 120,000.
Credit Suisse nearly collapsed as turmoil tore through the global banking system.
More Stories
Etsy accused of ‘destroying’ sellers by withholding money
Key consumer protection powers come into force
BAT not about to quit London stock market, insists new chief