UBS Preparing to Cut Over Half of Credit Suisse Workforce

Credit Suisse Group AG’s workforce is set to be cut by more than half as a result of an emergency takeover by BS Group AG. Bankers, traders, and support staff in the investment bank, particularly in London, New York, and parts of Asia, will bear the brunt of the cuts. Expectations are for three rounds of job cuts this year, with the first round anticipated by the end of July. UBS, the acquiring bank, aims to save $6 billion in staff costs and plans to reduce the combined headcount by approximately 30%, or 35,000 people. The job cuts at Credit Suisse contribute to the overall decline in financial sector jobs globally.