In Switzerland, up to 11,000 employees could be affected by the UBS takeover of Credit Suisse. UBS Group plans to cut its workforce by between 20% and 30%, slashing as many as 36,000 jobs worldwide, Swiss newspaper Sonntagszeitung reported, citing a senior manager at UBS.
The two institutions together have more than 120,000 employees. The newspaper reported that up to 11,000 jobs could be cut in Switzerland alone. But many jobs would also be cut in U.S. investment banking, which is to be downsized. However, this would also apply to all other divisions.