Credit Suisse to trim workforce by 10% soon: Report
UBS Group AG is gearing up for another round of job cuts at Credit Suisse, with about 10% of support staff in compliance, risk, and marketing roles on the chopping block. According to Financial News, the Swiss bank has informed employees that the cutbacks will kick off on November 6. This comes after UBS's acquisition of its long-time Swiss rival in a government-brokered deal earlier this year, which brought together a combined workforce of around 120,000 employees.
Previous reductions and impact on workforce
Before this upcoming wave of job cuts, UBS had already made reductions that impacted management positions, as well as bankers and traders. The aim of these cuts is to streamline the workforce and boost efficiency within the newly merged entity. Consequently, employees in support roles are now feeling the heat when it comes to job security and future prospects within the organization.
Significance of job cuts for Credit Suisse
The job cuts at Credit Suisse highlight UBS's efforts to consolidate and fine-tune its operations following the takeover. By trimming down the number of support staff, UBS hopes to slash costs and allocate resources more effectively within the company. However, these might also take a toll on employee morale and spark worries about additional job losses down the line. As the integration process unfolds, it remains to be seen how these changes will impact both companies' overall performance.
