UBS to cut 35,000 jobs after Credit Suisse rescue
Credit Suisse will see 35,000 employees laid off as part of the takeover by Swiss banking group UBS. – AFP pic, June 28, 2023.
SWISS banking group UBS plans to cut 35,000 jobs at Credit Suisse – more than half its workforce – as part of the emergency rescue takeover of its rival in March, Bloomberg News reported yesterday. Credit Suisse had a manpower of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.
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