UBS could slash as much as 30% of workforce following Credit Suisse takeover: report

Swiss funding financial institution UBS Group AG is getting ready to put off as many as 36,000 individuals within the wake of its takeover of rival Credit Suisse — considerably greater than first deliberate, in line with a report Sunday.

Citing insiders on the financial institution, the Swiss newspaper SonntagsZeitung reported Sunday that UBS
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+4.05%
plans to chop 20% to 30% of its workforce. That could be between 25,000 and 36,000 of UBS’s 120,000 full-time positions following the mix of the 2 banks. The newspaper mentioned as much as 11,000 layoffs could be in Switzerland.