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UBS may cut up to a third of its jobs after the Credit Suisse takeover, Tages-Anzeiger reports




GENEVA, April 2 (Reuters) – The bank created by UBS’s ( UBSG.S ) takeover of Credit Suisse ( CSGN.S ) is poised to cut its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS executive.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, central bank and market regulator to avoid a meltdown in the country̵[ads1]7;s financial system.

But the deal, which was also designed to help ensure financial stability globally, has raised concerns about the size of a new bank with $1.6 trillion in assets and more than 120,000 employees worldwide.

The report said the bank could cut around 11,000 jobs in Switzerland.

Jobs in its US investment banking division will also be affected, the report said, with UBS set to be in talks to end a deal that would have given Wall Street trader Michael Klein control of much of Credit Suisse’s investment bank.

Reporting by Gabrielle Tetrault-Farber Editing by David Goodman

Our standards: Thomson Reuters Trust Principles.



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