(Reuters) - Following are figures from UBS's second-quarter report, its first earnings announcement since taking over rival Credit Suisse. Groupwide U.
ZURICH (Reuters) -UBS Group embarked on a sweeping plan to cut more than $10 billion in costs, saying on Thursday it will axe 3,000 jobs in Switzerland alone after it took over its stricken rival Credit Suisse. The initial round of job cuts follows a decision by the globe's biggest wealth manager to absorb Credit Suisse's local arm - a solid profit-maker that last year was the only Credit Suisse division in the black - rather than spin it off, which UBS had also considered. Globally, 8,000 Credit Suisse have already left over the first half of the year.
Following are figures from UBS s
second-quarter report, its first earnings announcement
since taking over rival Credit Suisse. Groupwide UBS results include just one month of.
Proxy Adviser Ethos: UBS Should Have Spun off CS Swiss Business usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
ZURICH (Reuters) -UBS should have spun off Credit Suisse's Swiss business, proxy adviser Ethos said on Thursday, after Switzerland's No. 1 bank annnounced plans to fully integrate its former rival's home market business. "We are disappointed as the spin-off would (have) been a better option to avoid a major systemic risk for Switzerland, an important negative impact on employment and issues for the fair competition of the Swiss financial market," Ethos Director Vincent Kaufmann said in an emailed statement. Ethos, which is composed of a number of Swiss pension funds and public utility foundations that held stakes in both groups before the merger, represents some 3%-5% of shares in the newly combined group, Kaufmann said.