Domestic Swiss business and investment bank set to bear brunt of cuts
The deal was orchestrated by the Swiss authorities over the weekend after they became alarmed at the rate of customer withdrawals which Credit Suisse was suffering last week.
But the takeover is expected to result in many of Credit Suisse’s 17,000 investment bankers losing their jobs as UBS winds down most of the unit. “We [will] work diligently and at pace throughout the coming period to identify which roles might be impacted,” they said. “Where necessary, we will communicate with impacted individuals in line with country-specific guidelines and policies.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS buys troubled Credit Suisse bank for over $2 billionThe event came after a day of talks at the finance ministry on the future of Credit Suisse and a rejected offer from UBS of $1 billion.
Read more »
European bank shares set to fall after UBS agrees to buy Credit SuisseEuropean Central Bank, US Federal Reserve and four other central banks announced coordinated action on Sunday to boost liquidity in US dollar swap arrangements
Read more »
European bank shares set to fall after UBS agrees to buy Credit SuisseShares in European lenders are set to decline on Monday, extending last week’s rout, as sentiment remains fragile even after UBS Group AG agreed to buy Credit Suisse Group AG in a government-brokered deal
Read more »
European bank stocks fall after UBS agrees to buy Credit SuisseEuropean Central Bank, US Federal Reserve and four other central banks announced coordinated action on Sunday to boost liquidity in US dollar swap arrangements
Read more »
Asian stock markets fall as troubled Credit Suisse taken over amid global banking concernsAsian stock markets fell today after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis
Read more »
The 8 at 8: MondayDelays to autism services, UBS to buy Credit Suisse, and a major new climate report.
Read more »