‘Painful’ job decisions for UBS after Credit Suisse takeover

BERN: UBS chief executive Sergio Ermotti today warned of painful decisions about job cuts following the takeover of Credit Suisse, which he said he hoped would be formalised in coming days.

“We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome,” he added. “It will be painful.” “Hopefully in the next few days it’s going to be done,” Ermotti said on Friday. “We are finalising the last the last few miles … we have more than 170 approvals from regulators.”

While he stressed it was a takeover and not a merger, Ermotti said Credit Suisse had many good people and talents, suggesting its executives may play a greater role in the combined group than the initial leadership team unveiled last month might indicate. That management reshuffle only saw Credit Suisse CEO Ulrich Koerner joining the top leadership.

Source: Loan Digest (loandigest.net)

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