UBS has announced that it will implement layoff measures in line with its plan to take over Swiss rival Credit Suisse. It is known that Credit Suisse, which was under great risk during the financial crisis, was on the verge of bankruptcy.
UBS, taking advantage of this situation, made an urgent takeover plan and announced at the very beginning of the process that it was planning to make layoffs in this process.
Sources familiar with the matter told Bloomberg that those most affected by UBS’s layoff plans will be those working in its investment banking division in London, New York and some Asian regions. The sources also stated that the employees were informed about the dismissal plans, and that layoffs could be made at three different times this year. The first round of layoffs are planned for the end of July, while the second and third rounds of layoffs are planned for September and October, respectively.
As part of the layoffs, UBS plans to cut its headcount by around 35,000 people, roughly 30 percent of the company’s total workforce.
Depreciation Since the Beginning of the Year 70 Percent
After the bankrupt American Silicon Valley Bank, the Swiss giant Credit Suisse, where the eyes were surrounded with great fear, was bought by UBS after returning from the brink of bankruptcy. Speaking to reporters after the purchase, Swiss Finance Minister Karin Keller-Sutter said that if the country’s second largest bank, Credit Suisse, collapsed, the Swiss economy could collapse.
If Credit Suisse failed, the Swiss economy would probably collapse.
Swiss Minister Karin Keller-Sutter
Share prices fell close to 70 percent after the lender was on the verge of bankruptcy.
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