Thousands of jobs at risk after UBS’ US$3.2 billion takeover of Credit Suisse

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Tens of thousands of jobs are at risk following UBS’s US$3.25 billion rescue of Credit Suisse. The merger between the long-time Swiss rivals was brokered by the Swiss National Bank, the country’s central bank, over the March 18-19, 2023, weekend to stave off a developing international banking crisis. UBS officials said it was still too early to estimate the size of the workforce cut, but there are plans to downsize Credit Suisse’s investment banking business and align it with the “conservative…