UBS Credit Suisse merger: UBS to fire hundreds of Credit Suisse bankers — report

livemint.com:

UBS Credit Suisse merger layoffs: More than hundred Credit Suisse investment bankers might have to face the layoff challenge in near ter. As per the Swiss weekly HandelsZeitung report published on Friday, UBS has begun the implementation of UBS Credit Suisse merger plans. In this exercise, UBS may fire investment bankers of Credit Suisse.

Highlighting the reason for layoff, HandelsZeitung went on to report that duplication of operations is the major reason for Credit Suisse investment bankers layoff. The report said that UBS chief executive Sergio Ermotti wants to rapidly get to work on eliminating the huge amount of duplication in their operations. "The transformation is beginning: in the coming days several hundred Credit Suisse bankers will receive termination notices," the Swiss weekly said.

On 12th June 2023, UBS completed Credit Suisse acquisition and the combined entity started working as a consolidated banking group. 12th June 2023, Credit Suisse shares traded for the last day on six Swiss exchanges. After UBS Credit Suisse takeover, Credit Suisse shareholders received one UBS shares for every 22.48 Credit Suisse shares they held.

Now, UBS will report the financial results of the combined entity. Market is eagerly awaiting Q1 results 2023 of the combined entity, which is expected on 31st August 2023. Amid speculations of Credit Suisse bankruptcy, UBS agreed to buy its rival in a hastily arranged 3-billion-franc ($3.5 billion) fire sale over a March weekend.