According to a report by Switzerland’s Tages-Anzeiger over the weekend, citing a senior UBS executive, the bank formed after UBS Group’s takeover of Credit Suisse is set to cut its workforce by 20% to 30%.
Nearly 11,000 jobs in Switzerland could be eliminated, the report stated.
Jobs in the group’s US investment banking arm could also be affected, Tages-Anzeiger reported.
UBS agreed to acquire Swiss rival Credit Suisse for CHF 3 billion in a deal engineered by Switzerland’s government and the central bank to prevent a collapse of the nation’s financial system.
The shares of UBS Group AG (UBSG) closed 1.39% (CHF 0.26) to CHF 19.29 in Zurich on Friday, while extending gains from the previous four trading sessions.
The financial group’s total market cap now stands at CHF 59.948 billion.
The shares of UBS Group AG (UBSG) have risen 12.15% so far this year, following another 4.75% gain in 2022.
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