The managers of the megabank born from the takeover of Credit Suisse by its compatriot UBS plan to cut 20 to 30% of jobs - or between 25,000 and 36,000 jobs worldwide, says the weekly SonntagsZeitung, citing anonymous internal sources.
This is far more than the number of job cuts planned by Credit Suisse as part of its restructuring plan before the Swiss authorities pushed UBS to urgently buy its rival threatened with collapse.
In Switzerland alone, up to 11,000 jobs would be affected, the weekly believes.
Before the takeover, UBS employed just over 72,000 people compared to more than 50,000 at Credit Suisse.
The weekly does not specify the period over which these job cuts are planned, nor the activities most affected within the two banking giants.
Before being swallowed up on March 19 by the number one bank in Switzerland, Credit Suisse planned to cut 9,000 jobs by 2025 as part of its recovery plan.
The risks of duplication are perceived as significant, insofar as the profiles of UBS and Credit Suisse are similar.
Active like UBS in wealth management and investment banking, Credit Suisse also relies like its competitor on local activity, which notably offers mortgages and loans to SMEs.
In Switzerland, its retail bank has 95 branches, compared to about 200 at UBS. Credit Suisse employs around 17,000 people there.
According to the Sunday edition of the tabloid Blick, the Credit Suisse brand should exist for another three or four years before disappearing.
Credit Suisse shareholders, who will only receive 76 cents per share, are due to meet in Zurich on Tuesday for the bank's General Meeting. Those of UBS have an appointment the next day also in Zurich.
Their merger is taking place without the approval of their respective shareholders, the Swiss authorities having lifted the obligation to consult them in the name of the best interests of the Swiss financial centre.
02/04/2023 08:32:50 - Geneva (AFP) - © 2023 AFP