The takeover of Credit Suisse by another Swiss bank, UBS, will result in the layoffs of tens of thousands of people working in Credit Suisse structures worldwide. Finance Times.
With tens of thousands of jobs expected to be lost due to the bailout of Credit Suisse by UBS, the Swiss financial sector is already preparing for the serious consequences of the controversial takeover.
The total number of employees of Credit Suisse and UBS reaches 120 thousand people. At the same time, it is assumed that up to 40,000 employees will be reduced after the merger of financial structures.
On March 17, shareholders of Swiss banking group Credit Suisse in the US filed a lawsuit against the credit institution and its management, accusing it of violating US securities laws. The plaintiffs accused the Swiss credit institution of misleading investors, as Credit Suisse failed to disclose information about the current decline in liquidity and the vulnerability in internal control to the decline in the value of the company’s securities.
Marcel Fratscher, President of the German Institute for Economic Research declaration About the high risk of a merger between Credit Suisse and UBS.