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UBS AG UBS, +1.53% is preparing to cut about 35,000 jobs or more than half of Credit Suisse's work force starting next month as a result of the emergency takeover of the financial giant, according to a Bloomberg report citing people familiar with the bank. Investment bankers, traders, and support staff in London, New York and parts of Asia will see the majority of the job cuts, the report said.
UBS Group AG is planning to cut more than half of Credit Suisse Group AG's workforce starting next month as a result of the bank's emergency takeover. Total job losses could add up to about 35,000.
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.
The Swiss National Bank has called for a review of “too big to fail” (TBTF) regulations after the crisis around Credit Suisse in March.
A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall.
The Swiss National Bank (SNB) on Thursday said it was crucial to draw lessons and take measures from the Credit Suisse crisis that led to the bank's downfall and forced rescue by rival UBS.
Credit Suisse, driven into a rescue by UBS after heavy cash outflows, is seeking to claw back business by offering rich clients some of the highest deposit rates in the industry, according to a person familiar with the bank's activities in Asia.
Bondholders who suffered a $17 billion loss from Credit Suisse's downfall have filed a lawsuit against the Swiss bank's former and current executives, claiming a toxic work culture in the NY offices were the catalyst to the bank's demise.
UBS will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses.
UBS Group AG is facing hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG's dealings with Archegos Capital, as the Swiss bank takes on its former rival's entire litigation portfolio. Russell Ward reports on Bloomberg Television.