UBS has not yet confirmed the number of job losses, but it has said that it expects to achieve “significant synergies” from the merger, which could lead to redundancies. The bank has said that it will aim to find “voluntary” solutions for affected employees, but it is possible that some people will be laid off.
Private Equity News UK
The job cuts would be a further blow to Credit Suisse, which has been struggling in recent years. The bank has been hit by a series of scandals, including the Archegos Capital Management blow-up and the Greensill Capital collapse. The merger with UBS is seen as a way for Credit Suisse to shore up its balance sheet and improve its profitability.
The job cuts would also be a sign of the changing landscape in the banking industry. The industry is facing increasing competition from technology companies, and banks are under pressure to cut costs and become more efficient. The UBS-Credit Suisse merger is one of a number of deals that have been announced in recent years as banks look to consolidate and become more competitive.
It is still too early to say how many job losses will actually occur as a result of the merger. However, the report by the Financial Times suggests that the integration process could be more disruptive than some people had hoped.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.