UBS Group is planning to cut more than half of Credit Suisse Group’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover, Bloomberg reported.
Bankers, traders and support staff in Credit Suisse investment bank in London, New York and in some parts of Asia are expected to bear the brunt of the cuts, with nearly all activities at risk.
That said, UBS is hoping to retain the majority of Credit Suisse’s private bankers, although many of them have already left anyway.
UBS is looking for a total of three rounds of layoffs this year, with the first expected by the end of July and two more rounds tentatively scheduled for September and October.