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Mass layoffs in sight after the takeover of Credit Suisse by UBS


DECRYPTION - These two giants have the same locations. And the fate of investment banking is unclear.

After the initial shock of the emergency takeover of Credit Suisse by UBS announced on Sunday


there are questions about the future of the new entity.

How will the integration between the two banking giants take place?

What about the Corporate and Investment Banking (CIB) division of Credit Suisse, the source of the evils that brought it down?

What fate will be reserved for the employees?

Since Sunday evening, the employees of the former flagship of Swiss finance, founded in 1856, have been very worried.

Tens of thousands of jobs are threatened because of his marriage to UBS, decided under pressure from the Swiss government and regulatory authorities, to prevent him from going bankrupt.

"A storm is brewing, but no one knows if it will be hit,"

recognizes the Swiss Association of Bank Employees (ASEB).

Read alsoCredit Suisse-UBS: rise and fall of two Swiss banking giants

Between them, these banking giants employ around 120,000 people worldwide, including 37,000 in Switzerland.

This is where the breakage is likely to be the most severe.

The two banks most…

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Source: lefigaro

All business articles on 2023-03-23

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