Up to 30% of jobs may go in UBS-Credit Suisse merger, say reports
FirstpostGeneva, Switzerland: The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across the world, the SonntagsZeitung weekly reported on Sunday. UBS announced on Wednesday it would bring back former chief executive Sergio Ermotti to handle the huge risks involved in the Swiss banking giant’s controversial absorption of its troubled rival Credit Suisse. UBS and Credit Suisse, the second-biggest bank in Switzerland, were both among the select banks around the world considered to be global systemically important financial institutions and therefore deemed too big to fail. UBS chairman Colm Kelleher said this week: “There’s a huge amount of risk in integrating these businesses.” Credit Suisse was embroiled in a series of scandals in the years leading up to a March 15 share price collapse, when investor confidence plunged following two bank failures in the United States.