The banking turmoil

The banking turmoil 

Task: UBS is planning major staff cuts 

 

UBS plans to cut its workforce by 20-30 percent after the bank merger with Credit Suisse is completed, according to Swiss newspaper Sonntagszeitung.  

 

This would mean that up to 36,000 jobs could disappear. 11,000 of them probably concern services in Switzerland, according to the newspaper. 

 

- There is a huge risk in integrating these companies, UBS chairman Colm Kelleher said earlier this week, according to AFP.  

 

The two major banks together had around 125,000 employees at the end of last year.  

 

UBS has not commented on the new data.