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 to absorb Credit Suisse s domestic bank, eyes $10bln in cost savings zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
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.