UBS begins $10 billion cuts, axing 3,000 jobs after Credit Suisse deal

UBS Group will cut 3,000 jobs in Switzerland and aims to save over $10 billion in costs as part of its plan to absorb Credit Suisse’s local arm, following its takeover of the struggling rival bank.

reuters.com

Relevant topic timeline:

8/27/2023

Credit Suisse posted $4 billion loss in second quarter, Sonntagszeitung reports

Credit Suisse, now a subsidiary of UBS, reported a second-quarter loss of 3.5 billion Swiss francs ($4.0 billion), aligning with its earlier forecast of a significant pre-tax loss, attributed to restructuring and financing costs.

8/30/2023

UBS winds down Credit Suisse Global Markets business - client letter

Credit Suisse will reduce its new markets business and UBS will focus on consolidating new client activity as they integrate following their merger.

8/31/2023

UBS posts $29 billion second-quarter profit in first results since Credit Suisse takeover

UBS posts a second-quarter profit of $28.88 billion, surpassing analysts' expectations, following its takeover of Credit Suisse.