The Swiss bank UBS intends to cut its workforce by 20-30% after taking over its troubled rival Credit Suisse. Worldwide, between 25,000 and 36,000 jobs are at risk, the Swiss newspaper Sonntagszeitung reported on Sunday, based on an unnamed source in the group’s management.
In March, UBS stepped in at the last minute to save Credit Suisse in a deal hastily approved by Swiss regulators. The collapse of the Swiss lender marked one of the most significant crises of confidence in the banking sector for over a decade. In Switzerland, Credit Suisse has long been deemed "too big to fail."
The Governor of the National Bank of Belgium (BNB), Pierre Wunsch, previously assured that there was “no risk” to Belgian banks following the month of financial turmoil in the US and Europe.
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With the new cuts, in Switzerland alone, 11,000 jobs will be lost.Together, the two banks have nearly 125,000 employees, a third of them in Switzerland.
UBS was not available on Sunday to comment on the information.
