Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

World
02-04-2023 | 04:25
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
2min
Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

The bank created by the UBS (UBSG.S) takeover of Credit Suisse (CSGN.S) is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country's financial system.

But the deal, which was also designed to help to secure financial stability globally, has raised concerns over the size of a new bank with $1.6 trillion in assets and more than 120,000 staff worldwide.

The report said the bank could cut about 11,000 jobs in Switzerland.

Jobs in its US investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank.

Reuters 
 

Jobs

UBS

Tages-Anzeiger

Reports

US

Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
LBCI
Lebanon News
2025-05-24

Voter turnout comparison between 2016 and 2025 municipal elections

LBCI
World News
2025-08-11

Zelensky says concessions will not convince Russia to halt hostilities

LBCI
Middle East News
2025-06-15

Israel police say arrested two for working for Iran intelligence

LBCI
News Bulletin Reports
2025-07-17

In LBCI interview, UNIFIL chief says stability in south Lebanon is vital for regional security, praises Lebanese army

Videos
d-none hideMe
LBCI
Lebanon News
2025-09-07

Lunar eclipse captivates Lebanon: watch the stunning video

LBCI
Lebanon News
2025-08-31

LBCI correspondent reports from Nabatieh as residents clear rubble after Israeli strikes

LBCI
Lebanon News
2025-08-29

Unprecedented step: Lebanon funds kidney transplants for all qualified patients

LBCI
Lebanon News
2025-08-28

US envoy Barrack clarifies ‘animalistic’ comment, says media ‘just doing their job’

LBCI
Lebanon News
2025-08-26

US congressional delegation in Beirut discusses disarmament of Hezbollah, LAF support, Israeli perspective

LBCI
News Bulletin Reports
2025-08-23

40 years of LBCI: A look back at its milestones

LBCI
Lebanon News
2025-08-17

President Aoun: Hezbollah's weapons are an internal matter, US proposal is now a Lebanese paper

LBCI
Lebanon News
2025-07-15

Pregnant journalist Petra Abou Haidar attacked in road rage assault

LBCI
Lebanon News
2025-07-01

Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district

Most read
d-none hideMe
24 hours
7 days
Month
LBCI
Lebanon News
06:18

Hezbollah MP says Israel creating buffer zone as Lebanon’s government ‘fails’ to act

LBCI
Lebanon News
08:48

Hezbollah’s Naim Qassem hails pager blast wounded as ‘light guiding the path’

LBCI
Lebanon News
03:20

Retired soldiers block roads with burning tires in Beirut and Tripoli (Video)

LBCI
Lebanon News
13:07

Israeli airstrike targets car in Baalbek, casualties reported

LBCI
News Bulletin Reports
13:10

Beirut Port explosion investigation turns a corner with arrest of MV Rhosus owner

LBCI
Lebanon News
13:52

Israeli airstrike kills two in Baalbek: Health Ministry

LBCI
News Bulletin Reports
12:49

A year later: Inside Israel’s unprecedented pager attack on Hezbollah

LBCI
News Bulletin Reports
13:00

High-stakes Israeli-Syrian security talks held in London ahead of UN summit

Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
Download now the LBCI mobile app
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More