UBS plans next round of layoffs in Credit Suisse integration, Bloomberg News reports By Reuters

(Reuters) – UBS Group is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group’s global investment bank, Bloomberg News reported on Wednesday.

The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units.

UBS declined to comment on the report.

© Reuters. FILE PHOTO: Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023.  REUTERS/Denis Balibouse/File Photo

UBS’ takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse’s collapse.

After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland. Later in the year, it also cut Credit Suisse’s securities research unit’s around 70% of Hong Kong-based staff headcount.

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