Swiss bank UBS revealed its plan to lay off 36,000 employees after completing the merger with troubled bank Credit Suisse.
According to the data, the number of Credit Suisse employees reached 50,480 by the end of 2022, but it was expected that the number of employees in the bank would be reduced after the completion of the acquisition.
Bloomberg reported that UBS plans to reduce employment by 20%-30%, which means the possibility of layoffs of 36,000 employees around the world, according to the Swiss newspaper “Sonntagszeitung”, which quoted a manager at UBS.
UBS succeeded in purchasing Credit Suisse for about $3 billion in a deal mediated by the Swiss Central Bank to protect its financial system from damage by the fall of Credit Suisse and the expansion of the contagion of banks.
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