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.

cnn.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

A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings

Swiss banking giant UBS reported a second-quarter net profit of $28.88 billion, boosted by its acquisition of Credit Suisse and the reversal of net asset and deposit outflows, leading to a rally in its shares to 15-year highs, although Deutsche Bank suggests UBS may remain a "construction site" for some time.

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.

8/31/2023

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.

9/8/2023

Barclays to Cut Hundreds of UK Jobs in Annual Review and Strategy Overhaul

Barclays is planning to cut hundreds of jobs in its domestic retail business and investment bank, as part of cost-trimming measures and a wider strategy review.