UBS is taking over its longtime Swiss rival in a government-orchestrated deal this year and is paring a combined workforce that swelled to about 120,000. It intends to eventually pare that number by about 30%, Bloomberg News has previously reported. Earlier reductions thinned management, as well as bankers and traders in revenue-generating operations.
UBS Group AG is poised to start its next wave of job cuts at Credit Suisse, this time targeting about 10% of support staff, likely in areas such as compliance, risk and marketing, Financial News reported.
The Swiss bank informed employees the reductions will start Nov. 6, the publication said, citing unidentified people familiar with the matter. A UBS spokesperson declined to comment when contacted by Bloomberg News.
