UBS is preparing to cut more than half of Credit Suisse's workforce from next month as a result of the takeover of its rival.
People familiar with the matter told Bloomberg that most of the job cuts are expected to affect bankers, traders, and support workers at Credit Suisse's investment bank in London, New York, and several regions of Asia.
Staff have been advised to prepare for three rounds of layoffs this year, with the first one anticipated by the end of July and the other two tentatively scheduled for September and October.
UBS completes takeover of Credit Suisse to create global wealth giant
When the merger was completed on 12 June, UBS's combined workforce increased to roughly 120,000. The company said it hopes to save $6bn in employee costs over the next few years.
According to sources cited by Bloomberg, UBS plans to eventually reduce the overall combined staff by roughly 30%, or 35,000 workers, while Credit Suisse's headcount is now at about 45,000.
UBS agrees to buy Credit Suisse for $3.3bn
Earlier this month, Sergio Ermotti, CEO of UBS, spoke of difficult choices regarding job cuts following the acquisition of Credit Suisse, but he did not specify the precise number of possible layoffs.
In June, UBS completed its emergency acquisition of Credit Suisse after the bank saw its stock price plummet, creating a giant Swiss banking and wealth management company with a $1.6trn balance sheet.
