Layoff Update: Hundreds of employees of Credit Suisse are going to be discharged in one stroke. According to the Swiss weekly HandelsZeitung, UBS has decided to fire hundreds of bankers from Credit Suisse. Credit Suisse Bank was about to go bankrupt in March this year. But after government intervention, UBS bought it. The deal was done for $3.5 billion.
UBS chief executive Sergio Ermotti wants the layoffs to be done quickly, according to sources in HandelsZeitung. He believes that after this acquisition, there are two people for the same work, so there will be mass retrenchment of Credit Suisse employees.
According to HandelsZeitung, “The transformation work has begun. Hundreds of Credit Suisse employees are to be laid off in the coming days. Termination notices are going to be served to these bankers all at once.”
According to Swiss media, UBS is going to lay off 30,000-35,000 employees of Credit Suisse in one stroke. At the end of last year, the combined worldwide employee count of both the banks reached 120,000. Of these, 37,000 workers were in Switzerland. However, UBS did not respond to an email sent by AFP in this matter.
