UBS continues the restructuring process after its acquisition of Credit Suisse. Last week, hundreds of employees in New York and Hong Kong were hit, it is now known.
Credit Suisse (CS) is laying off 254 employees in New York. This comes through a communication from the bank, which has been operating as a subsidiary of the main bank UBS since last June, to the New York State Department of Labor.
The mid-September layoffs affect about 9 percent of CS’s 2,714 employees in the U.S. financial sector. They are widespread in the areas of investment banking, trading and asset management, such as the British Financial Gateway “Financial News” (Item is subject to payment) mentioned.
Three rounds of layoffs
Following the emergency acquisition of CS, UBS announced a total of three rounds of layoffs. The first round was held last July and brought together approximately 200 investment bankers with classic corporate and capital markets (global banking) clients around the world. The focus of the second round in September, which is now being discussed, was, among other things, on research and trading functions.
The final round is now expected to take place this month.
Since the merger with UBS was announced in March, volatility in CS has increased significantly. In the first six months of the year, about 8,000 employees left the bank.
The ax of individuals in Asia…
In Asia, UBS meanwhile laid off about 7% of its global banking staff. This affects about two dozen investment bankers with a focus on China, including several high-level managing directors. This is what the news agency reported “Bloomberg” (Item is subject to payment) Quoted from circles.
The layoffs were originally scheduled to take place in September, but were postponed due to the CS takeover.
The final number of job cuts has not yet been determined. In 2022, UBS laid off six employees in Hong Kong with a focus on China.
..and in Switzerland
UBS wants to cut the combined bank’s costs by more than $10 billion by the end of 2026. The bulk of that amount will come from employee savings, particularly through the restructuring of CS’s investment banking business. In Switzerland, this is likely to result in 3,000 job cuts.
1,000 of them relate to the integration of CS Switzerland into the banking group, and another 2,000 relate to other local CS business areas, it was said at the end of August.
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