Even before Credit Suisse Group AG’s government-brokered takeover, the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself.
According to people familiar with the discussions, with one person estimating the final toll could be a multiple of that number.
The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland
The firm said in a statement Sunday it plans to cut the combined company’s annual cost base by more than $8 billion by 2027.
UBS is excited about Credit Suisse’s wealth management business, but less so about its investment bank.
UBS intends to downsize Credit Suisse’s investment banking business and align it with our conservative risk culture.
The UBS chairman said he understood the coming months would be “difficult” for Credit Suisse staff and promised UBS will do what it can to keep the uncertainty as short as possible.
Credit Suisse Chief Executive Officer Ulrich Koerner said Tuesday he had already cut about 8% of headcount.