A PYMNTS Company

UBS To Cut Half Of Credit Suisse Jobs Post Buyout

By  |  June 28, 2023

UBS Group is reportedly planning to reduce its workforce at Credit Suisse, the Swiss lender it acquired earlier this year, by over half, according to anonymous sources cited by Bloomberg.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    UBC is expected to focus on reducing operations in Credit Suisse’s investment bank in London, New York, and parts of Asia. These reductions are likely to start next month and continue through September and October. UBS has stated its goal of saving $6 billion in staff costs in the coming years.

    Read more: Swiss National Bank Says Credit Suisse Crisis Revealed Regulations’ Shortcomings

    Several top dealmakers at Credit Suisse, whom UBS had intended to keep, have departed or been recruited by other banks such as Deutsche Bank, Jeffries Financial Group, and Wells Fargo.

    In addition to previous layoffs announced this year by banks such as JPMorgan and Goldman Sachs, there is now further news of thousands more.