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International Business News: UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it w
ZURICH (Reuters) -UBS Group said on Thursday it would fully absorb Credit Suisse's domestic bank, adding that it was increasing its ambitions for cost savings to more than $10 billion across the group. The long-awaited announcement about Credit Suisse's home bank was made in tandem with UBS's first earnings report since taking over its stricken rival. UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it was the only division in the black.
By Noele Illien ZURICH (Reuters) -UBS Group plans to cut 3,000 jobs in Switzerland in the next couple of years, as it offered the first glimpse of how it
ZURICH (Reuters) -UBS Group embarked on a sweeping plan to cut more than $10 billion in costs, saying on Thursday it will axe 3,000 jobs in Switzerland alone after it took over its stricken rival Credit Suisse. The initial round of job cuts follows a decision by the globe's biggest wealth manager to absorb Credit Suisse's local arm - a solid profit-maker that last year was the only Credit Suisse division in the black - rather than spin it off, which UBS had also considered. Globally, 8,000 Credit Suisse have already left over the first half of the year.
The long-awaited announcement about Credit Suisse's home bank was made in tandem with UBS's first earnings report since taking over its stricken rival. The decision comes despite a likely backlash in Switzerland where it could result in the loss of thousands of jobs.