UBS is preparing a dramatic cull of Credit Suisse bankers in wake of its rescue deal for its Swiss rival.
Bloomberg reports that more than 22,500 jobs are on the line, with UBS
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planning three rounds of cuts as it integrates Credit Suisse into its business.
Departures begin next month, a person familiar with the matter told the news agency. While trading and investment banking employees will bear the brunt, the cull is likely to be widespread across functions, they added.
London, New York, and parts of Asia will feature in the cuts, which are pencilled in for September and October as well as July.
UBS has been approached for comment.
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Getting rid of legacy Credit Suisse staff cements UBS’s growing hold over the combined bank, after it outlined a new leadership team dominated by UBS executives.
Credit Suisse had racked up billions in losses before regulators brokered a deal for UBS to take it over amid a depositor flight earlier this year.
UBS had previously stated its intention to cut costs, particularly in Credit Suisse’s investment bank, which was rocked by successive crises stemming from its links with Archegos and Greensill.
Financial News has previously reported that Credit Suisse bankers were being offered secondments instead of full-time roles at the merged lender in a bid to smooth the transition.
