US media exposure: Credit Suisse will lay off more than half of its 45000 employees! Wealth | Global | Employees
On the 28th, American media reported that after completing its acquisition of Credit Suisse, UBS Group plans to lay off more than half of Credit Suisse's 45000 employees starting next month.
△ CCTV Finance's "On Time Finance" Program Video
Bloomberg reported, citing sources, that investment banking employees, traders, and support staff at Credit Suisse in London, New York, and parts of Asia will be the first to be hit by layoffs, affecting almost all businesses.
![US media exposure: Credit Suisse will lay off more than half of its 45000 employees! Wealth | Global | Employees](https://a5qu.com/upload/images/078af058d8fe5bdbed23a151cb175049.jpg)
UBS may conduct three rounds of layoffs this year, involving 35000 people
According to reports, this year's layoffs will be carried out in three rounds, with the first round expected to take place before the end of July, and the other two rounds planned to take place in September and October. The original number of employees at Credit Suisse is now about 45000. After completing the acquisition of Credit Suisse, the total number of employees at UBS Group has jumped to about 120000. UBS plans to ultimately reduce the total number of employees after the merger of the two banks by about 30%, which is 35000 people.
UBS: The world's largest wealth management institution manages $5 trillion in assets
![US media exposure: Credit Suisse will lay off more than half of its 45000 employees! Wealth | Global | Employees](https://a5qu.com/upload/images/a4658305c0a7c9e7feabfef7ae94a912.jpg)
As one of the globally systemically important banks recognized by banking regulatory authorities, Credit Suisse has been hit by a series of scandals in recent years, with its stock price continuing to decline and investor and customer trust significantly declining.
To prevent Credit Suisse from falling into bankruptcy, the Swiss federal government announced on March 19th that it will be acquired by UBS Group. On the 12th of this month, UBS Group announced that it has completed its acquisition of Credit Suisse. After the acquisition, UBS became a "giant" bank with assets and liabilities of $1.6 trillion, managing $5 trillion in assets and becoming the world's largest wealth management institution.