UBS to Lay Off 3,000 Employees , As It Absorbs Credit Suisse.
UBS agreed to buy Credit Suisse in March in an attempt to halt financial market panic spawned by the failure of Silicon Valley Bank and Signature Bank in the U.S. UBS agreed to buy Credit Suisse in March in an attempt to halt financial market panic spawned by the failure of Silicon Valley Bank and Signature Bank in the U.S. As a result, UBS is expected to let go of about 3,000 employees in Switzerland.
That amounts to about 8% of staff, CNN reports.
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The move is expected to promote controversy, as the deal has been unpopular with many in the country.
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The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process, The Swiss Bank Employees Association, via statement.
UBS CEO Sergio Ermotti said that the layoffs would take place "over a couple of years.".
Every lost job is painful for us.
Unfortunately, in this situation, cuts were unavoidable, Sergio Ermotti, UBS CEO, via statement.
Affected employees will be provided with "financial support, outplacement services and retraining opportunities," CNN reports.
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Layoff expectations outside of Switzerland have yet to be revealed.
8,000 Credit Suisse employees voluntarily quit at the beginning of the year, with about half of them being from the U.S. and Asia-Pacific.
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UBS currently has about 122,000 employees in its combined global workforce
