The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.
is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.a deal engineered by the Swiss governmentBut the deal, which was also designed to help to secure financial stability globally, has raised concerns over the size of a new bank with $1.6 trillion in assets and more than 120,000 staff worldwide.Jobs in its U.S.
that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank.
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Swiss economists question UBS takeover of Credit Suisse in pollA poll of Swiss economists found that nearly half think the takeover of Credit Suisse by UBS was not the best solution, warning the saga has dented Switzerland's reputation as a banking centre.
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Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reportsThe bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.
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Credit Suisse takeover hits heart of Swiss banking, identityThe UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say.
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Credit Suisse takeover hits heart of Swiss banking, identityAnalysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center. They warn that the country’s prosperity could grow too dependent on a single banking behemoth. The uncertain future of a union of Switzerland’s two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as on know-how with chocolate, watchmaking and cheese. Incoming UBS chief Sergio Ermotti says Switzerland needs a strong globally significant bank if it wants to be a financial hub. He says the issue isn't “too big to fail' but 'too small to survive.”
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Credit Suisse takeover hits heart of Swiss banking, identityThe UBS takeover of embattled rival Credit Suisse has shaken Switzerland's self-image and dented its reputation as a global financial center, analysts say, warning that the country's prosperity could grow too dependent on a single banking behemoth.
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Norwegian wealth fund seeks Credit Suisse boardroom shake-upNorges Bank Investment Management will vote against the re-election of Credit Suisse Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website.
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