June 27 (Reuters) – UBS Group (UBSG.S) is looking to cut more than half of Credit Suisse’s workforce from next month as a result of its takeover of the bank. Bloomberg News reported Tuesday.
Bankers, traders and support staff at the Credit Suisse investment bank in London, New York and in some parts of Asia are expected to bear the brunt, with nearly all operations at risk, the report said.
UBS plans to eventually reduce its total combined workforce by about 30%, or 35,000 people, with the workforce at Credit Suisse currently at about 45,000, the report said, citing people familiar with the matter.
As many as 10,000 jobs would disappear if the two banks’ Swiss domestic operations were merged.
UBS and Credit Suisse declined to comment.
Reuters had reported last week that UBS will cut Asian investment banking jobs at Credit Suisse next month, with significant cuts in the number of investment bankers in Australia and China.
Earlier this month, UBS CEO Sergio Ermotti warned of painful job-cutting decisions following the Credit Suisse takeover, but did not provide details on the number of possible layoffs.
UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and asset management giant with a $1.6 trillion balance sheet and a workforce of 120,000.
Reporting by Rishabh Jaiswal in Bengaluru; Edited by Arun Koyyur