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Keyword: ubsgroup

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  • UBS plans to gut Credit Suisse by laying off 35,000 workers after buying the struggling bank in a fire sale

    07/02/2023 9:15:48 AM PDT · by george76 · 2 replies
    Fortune ^ | June 27, 2023 | MARION HALFTERMEYER,
    UBS Group is planning to cut more than half of Credit Suisse Group’s workforce starting next month as a result of the bank’s emergency takeover. Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said. Staffers have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September and October, the people added,...