Credit Suisse and UBS set for extra trims
Source: Agencies |
October 22, 2012, Monday
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Print Edition
Print Edition
UBS is to cut 3,000-5,000 jobs as part of cost-saving measures to offset falling profit, while rival Swiss bank Credit Suisse may unveil 1,000-2,000 cuts, Der Sonntag newspaper reported.
UBS plans to shed 900 jobs in information technology, alongside a further 2,000-4,000 layoffs in its investment bank and other central functions, the paper said.
A spokesman for UBS, set to report third-quarter earnings on October 30, would not comment on the report.
Speculation has been rife in Swiss media recently that the country's two major banks will unveil more job cuts alongside quarterly results.
Last week, UBS said final decisions in an ongoing business review have not yet been taken, after a newspaper reported it was set to axe around 2,000 jobs in IT.
Credit Suisse, which declined to comment on either report, unveiled an extra 1 billion Swiss francs (US$1.1 billion) cost cuts at its second-quarter results after hitting a previous goal to cut spending by 2 billion francs early.
UBS plans to shed 900 jobs in information technology, alongside a further 2,000-4,000 layoffs in its investment bank and other central functions, the paper said.
A spokesman for UBS, set to report third-quarter earnings on October 30, would not comment on the report.
Speculation has been rife in Swiss media recently that the country's two major banks will unveil more job cuts alongside quarterly results.
Last week, UBS said final decisions in an ongoing business review have not yet been taken, after a newspaper reported it was set to axe around 2,000 jobs in IT.
Credit Suisse, which declined to comment on either report, unveiled an extra 1 billion Swiss francs (US$1.1 billion) cost cuts at its second-quarter results after hitting a previous goal to cut spending by 2 billion francs early.
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