Swiss banking giant UBS Group (UBS) plans to cut more than half of Credit Suisse's workforce as it concludes its takeover of the troubled lender.
Bankers, traders, and support staff at Credit Suisse will all be let go by UBS, according to multiple media reports.
UBS has said that it intends to reduce the total headcount at the combined banks by 30%, or 35,000 employees.
In their home market of Switzerland, as many as 10,000 people are expected to lose their jobs. Credit Suisse currently has a workforce numbering 45,000 people.
Investment bank jobs at Credit Suisse are expected to be particularly hard hit, with layoffs planned across Asia as well as in Australia.
UBS said it finalized its emergency takeover of Credit Suisse earlier in June, creating a Swiss banking giant that has $1.6 trillion U.S. in assets and 120,000 employees worldwide.
The stock of UBS has risen 20% in the last 12 months to trade at $19.88 U.S. per share.
Credit Suisse’s stock has been delisted from equity exchanges around the world.
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