UBS to slash 3K jobs despite posting $29B profit since Credit Suisse...

Swiss banking giant UBS plans to save $10 billion in costs by integrating Credit Suisse's operations, which includes 3,000 staff reductions, following their government-orchestrated merger.

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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.

8/28/2023

Swiss Competition Commission examining UBS takeover of Credit Suisse

Switzerland's Competition Commission is investigating UBS's acquisition of Credit Suisse, with the results expected to be sent to FINMA by the end of September.

8/29/2023

After Credit Suisse takeover, UBS gives first glimpse of new group

UBS will release its first earnings report since acquiring Credit Suisse, revealing the extent of damage to Credit Suisse's reputation, potential outflows of clients from UBS, decisions regarding the future of Credit Suisse's Swiss arm, expected job cuts, and a focus on restructuring rather than net profit.

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.

8/31/2023

UBS will cut 3,000 jobs in Switzerland as it absorbs Credit Suisse

Swiss banking giant UBS plans to reduce its workforce by around 3,000 jobs, or 8% of staff, in Switzerland as part of a cost-cutting program following its acquisition of Credit Suisse, amid controversy over the deal.

9/1/2023

In wake of Credit Suisse, Switzerland told to better prepare for bank failure

Switzerland has been urged to prepare for the potential failure of UBS, the country's largest bank, following the collapse of Credit Suisse, with experts calling for improved readiness and regulatory reforms.