UBS Group is reportedly planning to reduce its workforce at Credit Suisse, the Swiss lender it acquired earlier this year, by over half, according to anonymous sources cited by Bloomberg.
UBC is expected to focus on reducing operations in Credit Suisse’s investment bank in London, New York, and parts of Asia. These reductions are likely to start next month and continue through September and October. UBS has stated its goal of saving $6 billion in staff costs in the coming years.
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Several top dealmakers at Credit Suisse, whom UBS had intended to keep, have departed or been recruited by other banks such as Deutsche Bank, Jeffries Financial Group, and Wells Fargo.
In addition to previous layoffs announced this year by banks such as JPMorgan and Goldman Sachs, there is now further news of thousands more.
