© Reuters. FILE PHOTO: A emblem of Swiss financial institution UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse
GENEVA (Reuters) – The financial institution created by the UBS takeover of Credit score Suisse is poised to scale back its workforce by 20-30%, Swiss day by day Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS supervisor.
UBS agreed to purchase Zurich rival Credit score Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss authorities, the central financial institution and market regulator to keep away from a meltdown within the nation’s monetary system.
However the deal, which was additionally designed to assist to safe monetary stability globally, has raised considerations over the dimensions of a brand new financial institution with $1.6 trillion in belongings and greater than 120,000 employees worldwide.
The report stated the financial institution might lower about 11,000 jobs in Switzerland.
Jobs in its U.S. funding banking arm can even be affected, the report stated, with UBS set for talks to terminate a deal that may have given Wall Avenue dealmaker Michael Klein management of a lot of Credit score Suisse’s funding financial institution.