UBS is planning to cut more than half of Credit Suisse’s 45,000-strong workforce starting next month as a result of the emergency takeover of Credit Suisse.
Bankers, traders and support staff at Credit Suisse’s investment bank operations in London, New York and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.
Staffers have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September and October, the people added, asking not to be named as the plans aren’t public.