The collapse of banks, including UBS, has had repercussions in the whole financial realm. Credit Suisse was taken over by UBS to save the collapsing bank from the trenches. The year 2023 also witnessed the collapse of some of the prominent banks, including Silicon Valley Bank, Signature Bank, and Silvergate Bank.
The Credit Suisse collapse was also a blow to the Swiss banking industry. To add to the trouble, the Department of Justice is also currently investigating several banks, including said Credit Suisse, to determine whether they have violated Russian sanctions.
Also read: Justin Sun Offers to Purchase 41,500 Bitcoin from US Government
Now, according to the latest reports, UBS is planning to fire up to 36,000 employees after the takeover.
UBS to reportedly lay off 20-30% workforce
According to the report, which cites information from internal sources, the management intends to cut down the workforce by 20–30%. It could cost the jobs of over 25,000 to 36,000 employees.
An estimated 11,000 jobs in Switzerland may be subject to reduction; however, no specific details on which positions will be affected were disclosed. Prior to the merger, UBS and Credit Suisse had a workforce of slightly over 72,000 and 50,000 individuals, respectively.
The merger, which was meant to save the bank from its demise, is turning treacherous for its employees.