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Layoffs under Swiss banking giant UBS's cost-cutting programme announced after its takeover of Credit Suisse will take place in five waves this year starting in June, newspaper SonntagsZeitung reported on Sunday.
Swiss Finance Minister Karin Keller-Sutter says the country should learn lessons from Credit Suisse's failure and devise new legislation in an effort to prevent it happening again.
UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country, said three sources with direct knowledge of the matter.
UBS Group is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group's global investment bank, Bloomberg News reported on Wednesday.
CNBC's Silvia Amaro reports on the "Too Big To Fail" report from Switzerland, which calls for strong capital requirements from banking giant UBS after the absorption of Credit Suisse.
Switzerland's government on Wednesday put forward plans that would see the country's top banks subject to new rules aimed at preventing a repeat of the crisis that crashed Credit Suisse in March 2023, in an announcement that caused UBS shares to drop.
UBS Group (UBS) is seeking to swap its holding in Credit Suisse Securities in order to gain the complete ownership of its joint venture UBS Securities in China.
UBS' stock (NYSE: UBS) has gained 1% YTD, whereas S&P500 has increased 9% over the same period. Further, at the current price of $31 per share, it is trading at par with its fair value – Trefis' estimate for UBS's valuation.
UBS Group is in discussions to attain full ownership of its China platform by swapping its holding in Credit Suisse's onshore securities venture with a Beijing government investment fund, Bloomberg News reported on Monday.
UBS Group's (UBS) JV is set to acquire Credit Suisse's wealth management unit in Japan. Per the deal, Credit Suisse's advisors and wealth management assets are set to be transferred to the JV.