Advertisement
UK markets close in 7 hours 55 minutes
  • FTSE 100

    8,171.65
    -11.42 (-0.14%)
     
  • FTSE 250

    20,445.36
    +9.02 (+0.04%)
     
  • AIM

    800.22
    -0.05 (-0.01%)
     
  • GBP/EUR

    1.1756
    +0.0002 (+0.02%)
     
  • GBP/USD

    1.2698
    -0.0005 (-0.04%)
     
  • Bitcoin GBP

    53,351.13
    -286.76 (-0.53%)
     
  • CMC Crypto 200

    1,453.99
    -1.88 (-0.13%)
     
  • S&P 500

    5,266.95
    -39.09 (-0.74%)
     
  • DOW

    38,441.54
    -411.32 (-1.06%)
     
  • CRUDE OIL

    79.09
    -0.14 (-0.18%)
     
  • GOLD FUTURES

    2,334.20
    -7.00 (-0.30%)
     
  • NIKKEI 225

    38,054.13
    -502.74 (-1.30%)
     
  • HANG SENG

    18,233.47
    -243.54 (-1.32%)
     
  • DAX

    18,421.56
    -51.73 (-0.28%)
     
  • CAC 40

    7,943.82
    +8.79 (+0.11%)
     

UBS plans next round of layoffs in Credit Suisse integration, Bloomberg News reports

FILE PHOTO: Swiss bank UBS news conference in Zurich

(Reuters) - 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.

The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units.

UBS declined to comment on the report.

UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse's collapse.

ADVERTISEMENT

After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland. Later in the year, it also cut Credit Suisse's securities research unit's around 70% of Hong Kong-based staff headcount.

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Alan Barona)