According to an anonymous senior manager at UBS cited by SonntagsZeitung, UBS is set to reduce its staff by 20% to 30% following the completion of its acquisition of Credit Suisse Group AG, potentially resulting in the loss of up to 36,000 jobs globally.
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The Swiss newspaper also reported that up to 11,000 employees in Switzerland could be affected. At the end of 2022, the combined workforce of UBS and Credit Suisse was approximately 125,000, with about 30% of employees based in Switzerland.
The projected number of job cuts far exceeds the 9,000 layoffs that Credit Suisse had previously announced prior to its acquisition by UBS last month. The significant overlap between the two former rivals made it widely expected that the final number of layoffs would be a multiple of that figure.
Meanwhile, firms such as Deutsche Bank AG, Citigroup Inc., and JPMorgan Chase & Co. are reportedly preparing to recruit investment bankers and wealth managers who may be affected by the layoffs. According to Bloomberg, headhunters have already seen an influx of job-seeking Credit Suisse bankers from more than a dozen firms.