UBS (UBS) is considering slashing tens of thousands of jobs following its emergency acquisition of Credit Suisse (CS), as the Swiss lender leans towards maintaining the domestic operations of its rival, Reuters’ Oliver Hirt and Noele Illien report, citing a person familiar with the discussions. UBS could cut roughly 30% of its combined workforce, which has expanded to 120,000 following the state-brokered rescue earlier this year, the authors note.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on UBS:
- UBS (NYSE:UBS) Streamlines Workforce After Forced Takeover of Credit Suisse
- UBS to eliminate more than half of Credit Suisse staff, Bloomberg says
- UBS to announce more management changes, Reuters reports
- UBS resumed with an Equal Weight at Morgan Stanley
- UBS price target lowered to CHF 16 from CHF 16.50 at Barclays