The management of the merged UBS-Credit Suisse is reportedly mulling eliminating 20%-30% of the workforce impacting around 36,000 workers. It is to be noted Swiss government brokered a shotgun merger between two of the country’s largest banks on March 19, fearing a global financial meltdown following the collapse of regional banks in the United States., Companies News, Times Now
The Bern-based prosecutor is looking into potential breaches of Swiss criminal law by government officials, regulators and executives at the two banks, which agreed on an emergency merger last month, the report said citing the authority.
Sergio Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was chief executive from 2011 to 2020, following the takeover of Credit Suisse.
UBS and Credit Suisse have thousands of employees working at their India-based technology centres, located across three cities. Many of these jobs will be impacted when UBS starts rationalising the roles, especially those working at Credit Suisse.