UPS laid off more than half of Credit Suisse’s workers

Swiss bank UBS laid off more than half According to informed sources, starting next month, Credit Suisse employees will mainly affect bankers, merchants and support staff in London, New York and Asia.

According to the information provided by “Bloomberg”, the dismissal will take place in three rounds. all this year, The first is scheduled for the end of July and the other two in September and October. These processes will ensue Departure of 30% of the staff From the merger of the two financial entities, i.e. from about 35,000 workers, Which will come, for the most part, from Credit Suisse. The latter employs about 45,000 people. with these procedures, UBS plans to provide $6 billion (5,474 million euros) over the next few years.

For his part, the current CEO of UBS Bank, Sergio ArmotiHe, who returned to the Swiss bank in March to lead the union of the two companies, said on Tuesday from Zurich that the process was going “very well”.

UBS acquired Credit Suisse as a result of a Swiss state-sponsored merger following the contagion of financial instability unleashed by the collapse of Silicon Valley Bank (SVB) in the US.

Layoffs continue at UBS, this way, with the dynamics already in place in the sector that Goldman Sachs announced on June 1 that it would lay off 250 employees, which will be added to the 3,200 reported in January. for his part, Morgan Stanley It is finalizing the departure of 3,000 workers by the end of this month.