UBS to cut 35,000 jobs after Credit Suisse rescue: Report

Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.

Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world's most important banks.Combined, the two groups had around 120,000 employees at the end of last year, with 37,000 of them in Switzerland. The Bloomberg report, citing sources close to the companies, said employees had been told of three coming waves of jobs cuts this year - the first at end-July, the others in September and October.

UBS chief executive Sergio Ermotti had warned earlier this month that the coming months were likely to be"bumpy", saying the merger would require"waves" of difficult decisions, particularly regarding employment.

Source: Financial Digest (financialdigest.net)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wrexham's Hollywood owners join group buying into Alpine F1LONDON : Hollywood actors Ryan Reynolds and Rob McElhenney are joining Otro Capital and RedBird Capital Partners in an investor group taking a 24 per cent equity stake in Alpine Racing, the Formula One team's parent company Renault announced on Monday.The 200 million euro ($218.10 million) deal values Bri
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Aston Martin, Lucid Group to enter into agreement to make electric vehicles:British luxury carmaker Aston Martin said on Monday it would enter into an agreement with Lucid Group to manufacture 'high performance' electric vehicles (EVs).As part of the agreement, U.S.-based luxury EV maker Lucid will supply Aston Martin with select powertrain components for initial and certain future
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Aston Martin, Lucid Group to enter into agreement to make electric vehicles:British luxury carmaker Aston Martin said on Monday it would enter into an agreement with Lucid Group to manufacture 'high performance' electric vehicles (EVs).As part of the agreement, U.S.-based luxury EV maker Lucid will supply Aston Martin with select powertrain components for initial and certain future
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Explainer: What potential offences might have been committed over the inflation of SPH circulation numbers?SPH Media Group has filed a police report over the irregularities found in its circulation numbers.
Source: TODAYonline - 🏆 1. / 99 Read more »

Fenway Sports Group joins Tiger Woods developed high-tech golf leagueFenway Sports Group, owner of Major League Baseball's Boston Red Sox and Premier League club Liverpool, said on Monday they have added a team in the TGL, the tech-forward team golf league developed by Tiger Woods, to their portfolio.The Boston team joins Los Angeles Golf Club, which was announced as the f
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Group 3 double for Size, PurtonHONG KONG - Trainer John Size and jockey Zac Purton swept both the HK$3.9 million (S$673,000) Group 3 features at Sha Tin on Sunday, a day which also saw their inexorable march to further championship success continue apace. The duo won the Premier Cup Handicap (1,400m)...
Source: thenewpaper - 🏆 7. / 63 Read more »