Swiss Newspaper: UBS is Cutting 36,000 Jobs Worldwide

Swiss banking group UBS will reduce its workforce by 20 to 30 percent after acquiring its troubled industry peer Credit Suisse. This means 36,000 jobs will be cut worldwide, reports the Swiss newspaper SonntagsZeitung.

The newspaper bases itself on statements made by a manager at the bank. In Switzerland, 11,000 jobs would disappear. The two banks together employ about 125,000 people. Of these, 30 percent work in Switzerland. It is unknown whether jobs will also be cut in the Netherlands.

Credit Suisse was bailed out by UBS last month. Switzerland’s second-largest bank had fallen into a crisis of confidence among customers and on the stock exchange. Although Credit Suisse was saved from collapse, the bank’s shareholders suffered a significant loss due to the bailout.

Sergio Ermotti, the new CEO of UBS, will be responsible for the reorganization, among other things. Exactly how many employees will be laid off is not officially known, but the bank has already acknowledged that it will likely be a significant number.

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