The collapse of banks such as UBS has had far-reaching repercussions in the financial world, with Credit Suisse being taken over by UBS in a bid to save the failing bank. 2023 saw the downfall of some prominent banking institutions, including Silicon Valley Bank, Signature Bank, and Silvergate Bank; this was coupled with the collapse of Credit Suisse, which was an immense blow to the Swiss banking sector. To complicate matters further, the Department of Justice is currently investigating several banks – including Credit Suisse – over possible violations of Russian sanctions.
According to the latest reports, UBS plans to lay off 36,00 employees after taking over.
UBS to lay off 36,000 employees after Credit Suisse takeover
According to an internal report, the UBS-Credit Suisse merger could result in up to 30% of the combined workforce being cut – a drastic measure that would cost 25,000 to 36,000 individuals their jobs. Of these figures, 11,000 are expected to come from Switzerland alone. As of yet, no specifics have been revealed regarding which positions will be impacted. Before the merger, UBS and Credit Suisse employed around 72,000 and 50,000 employees respectively; however, their combined effort to stay afloat is resulting in mass unemployment among its staff.
