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June 28 (Reuters) - UBS is weighing cutting tens of thousands of jobs following its emergency takeover of Credit Suisse, as the Swiss bank leans towards keeping the domestic operations of its fallen rival, according to a person familiar wit...
UBS conducted an emergency takeover of Credit Suisse earlier this year
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UBS Group is looking to cut more than half of Credit Suisse's workforce from next month as a result of the bank's takeover, Bloomberg News reported on Tuesday.
UBS Group is preparing to cut more than half of Credit Suisse's 45,000-strong workforce starting next month in the wake of the takeover.
Bankers, traders, support staff in Credit Suisse's investment bank in London, New York, and in some parts of Asia are expected to bear the brunt, with almost all activities at risk, the report said. UBS intends to eventually reduce the total combined headcount by about 30%, or 35,000 people, with headcount at Credit Suisse currently at about 45,000, the report said, citing people familiar with the matter. UBS and Credit Suisse declined to comment.