Things are so sound in the banking world and so solid with the global economy that UBS is making yet another round of job cuts at Credit Suisse. Over the summer we documented how UBS’ plan for the bank was to immediately cut half of its staff.
Now, the parent company of the bailed out bank is targeting an additional 10% of the company’s “support staff”, including in areas like compliance, risk and marketing, Bloomberg reported Friday morning.
The cuts are going to start November 6, the report says. As Bloomberg notes, UBS has been vague about the comprehensive cutbacks that will follow its organizational overhaul. CEO Sergio Ermotti had earlier indicated that approximately 3,000 positions will be eliminated in Switzerland in the coming years, with the downsizing set to commence in late 2024 or early 2025.