ZURICH (Reuters) – Credit score Suisse has shed practically 13% of its workforce this yr, underlining the turmoil on the financial institution which was taken over by cross-town rival UBS in a state-engineered rescue earlier this yr.
The variety of Credit score Suisse workers fell to 33,968 on the finish of June, down from 38,908 on the finish of 2022, the financial institution mentioned in its monetary report revealed on Friday.
Among the jobs misplaced could possibly be individuals who left as a part of Credit score Suisse’s personal price chopping plans earlier than the takeover or who jumped ship as confidence within the lender collapsed.
Additional jobs could possibly be misplaced, with UBS saying in August it deliberate to chop 3,000 jobs in Switzerland alone on the enlarged financial institution.
UBS CEO Sergio Ermotti has warned of painful selections about job cuts following the takeover.
“We cannot be capable to create, brief time period, job alternatives for everyone. Synergies is a part of the story,” Ermotti mentioned at an occasion organised by the Asset Administration Affiliation Switzerland in June.
(Reporting by John Revill; Modifying by Emelia Sithole-Matarise)
