Finance
UBS Preparing to Cut Over Half of Credit Suisse Workforce
- Job cuts to begin in July, with two more rounds in the Fall
- Credit Suisse trading, investment bank to be hit hardest
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UBS Group AG is planning to cut more than half of Credit Suisse Group AG’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover.
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.