GENEVA, April 2 — The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, theThe takeover by UBS of Credit Suisse was hastily arranged by the Swiss government on March 19 to prevent a global financial meltdown, following fears of contagion from the collapse of banks in the United States.
Up to 11,000 jobs could be cut in Switzerland alone, according to the weekly, which did not provide details of which posts could be targeted. UBS and Credit Suisse, the second-biggest bank in Switzerland, were both among the select banks around the world considered to be global systemically important financial institutions and therefore deemed too big to fail.
Credit Suisse was embroiled in a series of scandals in the years leading up to a March 15 share price collapse, when investor confidence plunged following two bank failures in the United States.
Source: News Formal (newsformal.com)
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