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UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year.
UBS Group said on Thursday it would fully absorb Credit Suisse's domestic bank - a decision that comes despite a likely backlash in Switzerland where it could result in the loss of thousands of jobs. ...
UBS subsidiary Credit Suisse on Thursday posted a net loss of 9.3 billion Swiss francs. Credit Suisse saw assets under management decline 3% from the previous quarter. UBS Group said on Thursday it would fully absorb Credit Suisse's domestic bank.
ZURICH, Aug 31 — 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 plans to achieve more than US$10 billion...
UBS also announced it would be keeping Credit Suisse's domestic bank - and the ensuing job losses are expected to result in a backlash in Switzerland.