UBS Group AG has signalled it will shutter roughly two-thirds of Credit Suisse’s investment bank — including many trading operations — underlining the scale of job cuts to come as the Swiss bank absorbs its one-time rival.
UBS has put the majority of risk-weighted assets from Credit Suisse’s investment bank into its wind-down unit as part of a push to shed assets that don’t fit with its existing strategy, according to a results presentation on Thursday.
