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Credit Suisse Group AG (NYSE:CS) rescuer UBS Group AG (NYSE:UBS) is reportedly poised to lay off tens of thousands of staff from the embattled bank in a move that could well mark another blow for London's Canary Wharf. Some 35,000 posts could be removed from Credit Suisse as the bank is merged with UBS, according to Bloomberg, with cuts set to affect offices in Asia, New York and London.
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 with the discussions.
UBS is preparing a dramatic cull of Credit Suisse bankers in wake of its rescue deal for its Swiss rival.
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, Bloomberg News reported.
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.