UBS AG UBS is preparing to cut about 35,000 jobs or more than half of Credit Suisse’s work force starting next month as a result of the emergency takeover of the financial giant, according to a Bloomberg report citing people familiar with the bank. Investment bankers, traders, and support staff in London, New York and parts of Asia will see the majority of the job cuts, the report said. Almost all activities of the bank are at risk. The job cuts amount to about 30% of the combined UBS and Credit Suisse bank and will take place in three rounds starting in July, the report said. U.S.-listed shares of UBS are up by 1.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
