UBS Plans to Cut up to 30% of its Workforce Following Credit Suisse Merger
On April 2nd, according to foreign media reports, a senior manager of UBS revealed that UBS plans to cut 20% to 30% of its workforce after acquiring Credit Suisse, potentially cutt
On April 2nd, according to foreign media reports, a senior manager of UBS revealed that UBS plans to cut 20% to 30% of its workforce after acquiring Credit Suisse, potentially cutting about 11000 jobs in Switzerland. The work of its US investment banking unit will also be affected, with UBS negotiating with Wall Street trader Michael Klein to terminate a deal that could allow the latter to control most of Credit Suisse’s investment banking business.
Foreign media: UBS plans to lay off 20% – 30% of employees after acquiring Credit Suisse
The acquisition of Credit Suisse by UBS, one of the largest banks in the world, has been the talk of the business community in recent weeks. According to foreign media reports, UBS is planning to reduce its workforce by between 20% and 30% following the merger, potentially resulting in the loss of around 11,000 jobs in Switzerland alone. The effects are expected to be felt across the bank’s global operations, including its US investment banking unit.
What does the merger mean for UBS and Credit Suisse employees?
Following the merger, UBS plans to reduce its workforce by up to 30%. This means that around 11,000 jobs in Switzerland could be at risk, as well as jobs across the bank’s other global operations. According to a senior manager at UBS, the merger will result in a “significantly leaner” bank that is better equipped to compete in the global market. However, the job cuts are expected to be significant, and many employees are understandably concerned about their future at the bank.
How will the US investment banking unit be affected?
The US investment banking unit at UBS is expected to be among the areas most affected by the merger. UBS is currently negotiating with Wall Street trader Michael Klein to terminate a deal that would have allowed him to control most of Credit Suisse’s investment banking business. This move is a clear indication that UBS is looking to streamline its investment banking operations following the merger. The exact impact on employees is not yet clear, but it is expected that many roles will be made redundant as a result of the restructuring.
Why is UBS making these cuts?
UBS is making these cuts in order to create a leaner, more efficient bank that is better equipped to compete in the global market. The bank has stated that it plans to focus on its core businesses, such as wealth management, while reducing investment banking operations. This will help to reduce costs and make UBS more competitive in the face of increasing regulatory pressures and changing market conditions.
Conclusion
The merger between UBS and Credit Suisse is set to have a significant impact on the banking sector, particularly in Switzerland. While the exact number of job cuts has not been confirmed, it is clear that many employees at both UBS and Credit Suisse will be affected. UBS is looking to create a leaner, more efficient bank that is better positioned to compete in the global market, and while this may ultimately be good for the bank’s long-term future, it comes at a cost to many of its employees.
FAQs
1. Will every employee at UBS and Credit Suisse be affected by the job cuts?
No, not every employee will be affected by the cuts, but many will. The exact number of job cuts has not been confirmed, but early reports suggest that up to 30% of UBS’ workforce could be affected.
2. What will happen to UBS’ investment banking operations following the merger?
UBS plans to reduce its investment banking operations following the merger, with a particular focus on core businesses such as wealth management. The exact impact on investment banking employees is not yet clear.
3. How is UBS hoping to benefit from the merger with Credit Suisse?
UBS is hoping to create a leaner, more efficient bank that is better positioned to compete in the global market. By focusing on core businesses and reducing investment banking operations, UBS hopes to reduce costs and make the bank more competitive in the face of increasing regulatory pressures and changing market conditions.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/12639/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Data: The number of Arbitrum wallet addresses exceeds 5 million
On April 18th, according to statistics compiled by Twitter user @ Henrystats on Dune Analytics, the number of account or wallet addresses of Arbitrum (ARB) exceeded 5 million on Ap
-
DeFi Protocol dForce Now Accepts Arbitrum Token ARB As Lending Collateral
According to reports, the DeFi protocol dForce has supported the Arbitrum token ARB as lending collateral, with a maximum loan to value ratio (LTV) set at 80%.
DForce has supported -
FTX reveals $4.8bn assets and $11.6bn claims in Delaware bankruptcy filing
According to reports, in a document submitted to the Delaware Bankruptcy Court on March 17th, the FTX debtor submitted a report on its Statement of Financial Position (SOFA) to the unsecured creditor committee, which also detailed the company’s assets and claims. According to the filing, the West Real Shires Group – including FTX US, Ledger X, FTX.com, Alameda Research, and FTX Ventures – has approximately $4.8 billion in assets and $11.6 billion in scheduled claims, but many crypto assets are “undetermined” and there is “limited information” about cryptocurrency donations. FTX debtors reported a claim of $11.6 billion and assets of $4.8 billion Analysis based on this information:The recent Delaware Bankruptcy Court filing by FTX’s debtor has revealed some key financial information pertaining to the company’s assets and claims. According to the report submitted on March 17th, FTX’s Statement of Financial Position (SOFA) shows that the West Real Shires Group – which comprises FTX US, Ledger X, FTX.com, Alameda Research, and…
-
Telefónica and Microsoft Create Virtual Tour of MWC Booth
It is reported that Telef ó nica, a Spanish telecommunications company, has cooperated with Microsoft\’s Altspace VR platform to create a digital replica of its…
-
When was ETH listed?
When was ETH listed? Ethereum Classic (ETC) is a proof-of-work cryptocurrency t
-
ParagonCoin, a Crypto Startup Backed by The Game, Gets Deregistered by SEC for Failing to Comply with Securities Law
On March 10, it was reported that ParagonCoin, a crypto startup supported by American rapper Jayceon Terrell Taylor (the stage name is The Game), was deregiste…
-
Understanding the Federal Reserve’s Recent Interest Rate Hike: What Does it Mean?
According to reports, Rabobank believes that the Federal Open Market Committee (FOMC) unanimously decided yesterday to raise the federal funds interest rate target range by 25 basi
-
What currency did x3 dig (which platform is x3)
x3 Dig what currency According to the official website of x3 Dig what currency, X3 uses smart contracts to cross chain assets and achieve decentralized digital currency transactions According to the data released by the project team, more than 1 million addresses are currently using x3 to participate in Ethereum and EOS ecosystems through smart contracts, including x3, x2rms, c3r, eosioprotocol, eosfomo and other tokens. According to the official of x3, this protocol will provide users with a seamless and secure opportunity to exchange Cryptocurrency (such as ETH/WBTC). Which platform is x3Which platform is x3? It is a completely decentralized Ethereum based protocol. Users can create and trade various Cryptocurrency on this platform, and earn interest by using XTZ tokens x3 currently supports the following types of tokens: 1. USDT: used to manage borrowing and lending of digital assets (such as US dollars or euros) 2. BTC/USDC: 1 x 3 Stablecoin 3. 3 BTCs=1 Bitcoin 4, 5 ETH=100 x 3…
-
Understanding the Recent Cryptocurrency Sell-Off: What You Need to Know
On April 20th, it was reported that Bitcoin experienced a significant sell-off yesterday, falling 3.8% within approximately 5 hours to below $30000. Ethereum has fallen below $2000
-
What is Energy Technology (What does Energy Consumption Refer to)
What is energy technology? According to official sources, what is energy techno
-
BitContinent fined over 24 million yuan for tax violations
On April 11th, according to the Enterprise Inspection APP, recently, Beijing BitContinent Technology Co., Ltd. was fined approximately 24.9687 million yuan by the Fourth Inspection
-
ZkSync ecological DEX Merlin encounters an attack and funds are still stored on the attacker’s Ethereum main network address
According to reports, the Merlin Dex liquidity pool (0x82cf66e9a45Df1CD3837cF623F7E73C1Ae6DFf1e) on the zksync chain was attacked on April 26, 2023, according to the Beosin EagleEy
-
EOS Network Foundation CEO, Yves La Rose Announces the Release Dates of EOS EVM Final Test and Main Network Beta
On February 28, Yves La Rose, founder and CEO of EOS Network Foundation, tweeted that the EOS EVM final test network was released on March 27 and the main netw…
-
Bitcoin Unconfirmed Transactions and Network Computing Power
According to reports, according to BTC.com data, the current number of unconfirmed transactions across the Bitcoin network is 24551, the overall network computing power is 319.47 EH/s, and the 24-hour transaction rate is 3.98 transactions/s. Currently, the overall network difficulty is 43.55 T. It is predicted that the next difficulty will be increased by 3.04% to 44.87 T. There are still 8 days and 14 hours left before the adjustment. The number of unconfirmed transactions across the Bitcoin network is 24551 Analysis based on this information:Bitcoin, one of the world’s leading cryptocurrencies, continues to experience an increasing number of unconfirmed transactions, as reported by BTC.com data. The current number of unconfirmed transactions across the Bitcoin network stands at 24551. This increasing number of unconfirmed transactions is a direct consequence of the congestion on the network due to low transaction processing speed and higher transaction costs, which means, the more transactions on the network, the longer the time for each transaction…
-
What is Q (q is the standard code)?
What is Q? According to official news, Q (QuarkChain) is the third blockchain pr
-
Why Bitcoin is not famous (why does Bitcoin not disappear)
Why Bitcoin is not famous Editor’s note: This article is from the vernacular blockchain (ID: hellobtc), authored by Mu, and reprinted by the Daily Planet with authorization Bitcoin is a concept of anonymous currency. It allows people to send, receive, and store data on the internet; But no one knows how this asset was created and the true meaning behind it. So why isn’t Bitcoin famous? We all know that there are many sources of information on the internet, such as the name of a website or application you own; You can create your own domain name to communicate and share information with other users – but in reality, these are all provided through the internet and cannot be used for transactions. However, due to the existence of the internet, many people have begun to doubt whether the internet will become a true wallet or system. If they don’t do this, they won’t realize who their funds may have been…