ZURICH, June 12 (Reuters) – UBS (UBSG.S) Chief Government Sergio Ermotti stated on Monday that round 10% of Credit score Suisse (CSGN.S) staff had left earlier than the financial institution sealed its takeover of its former rival.
Reuters and different media reported final month that lots of of Credit score Suisse staff have been resigning every week, amid heightened uncertainty about their future and elevated recruitment efforts from rivals.
“It is true that round 10% of the workforce have already left in the previous few months earlier than the takeover,” Ermotti instructed Swiss broadcaster SRF.
The 2 banks collectively make use of round 120,000 individuals worldwide. UBS has, nonetheless, already stated it is going to be chopping jobs to scale back prices and benefit from synergies.
UBS stated earlier on Monday that it had accomplished the takeover of its Zurich rival, a deal agreed as a part of a government-orchestrated rescue on March 19.
A determine of 10% would translate into almost 5,000 departures, or greater than 400 per week since Credit score Suisse’s rescue, though Ermotti didn’t say if he was referring particularly to the time between March 19 and the closing.
Whereas reporting its quarterly earnings in April, Credit score Suisse already famous greater worker attrition over the previous 12 months. It stated it had simply over 48,000 full-time staff on the finish of the primary quarter, down from 50,480 on the finish of 2022.
Ermotti later instructed CNBC that UBS was “at all times sorry to see proficient individuals leaving,” however added the bulk did perceive that UBS shall be “a greater place” to work and serve its purchasers and that it has already been in a position to entice outdoors expertise.
UBS additionally introduced administration modifications after the takeover and a spokesperson stated that out of 160 senior managers confirmed or appointed, greater than a fifth hailed from Credit score Suisse.
Reporting by Noele Illien and John Revill; Writing by Tomasz Janowski; Modifying by Alexander Smith
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