Several Hundred Credit Suisse Bankers To Get Termination Notices: Report

Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.

UBS agreed to buy its rival in a hastily arranged 3-billion-franc ($3.5 billion) fire sale over a March weekend by Swiss authorities afraid that a weakened Credit Suisse would go bankrupt, with speculation rife since about the impact on jobs.

HandelsZeitung said that according to its sources 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," said the weekly.

It noted that the Swiss media have speculated about between 30,000 and 35,000 job cuts across the world.

At the end of last year, the two banks had around 120,000 employees between them across the world, including 37,000 in Switzerland.

UBS declined to comment when contacted by AFP.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



from NDTV News- Special https://ift.tt/Dd0ivsa

Comments

Post a Comment

Popular posts from this blog

Pak's ISI Fuelling Unrest In Bangladesh, Claims Sheikh Hasina's Son

Sheikh Hasina, who quit as prime minister and fled Bangladesh, will be back in the country as soon as democracy is restored, his son Sajeeb Wazed Joy said on Thursday and blamed Pakistan's intelligence agency, ISI, for fuelling the ongoing unrest in the country. In an interview with PTI, Mr Joy said that although 76-year-old Sheikh Hasina would return to Bangladesh, it has not yet been decided whether she will be back as a "retired or active" politician. He also asserted that the members of the Sheikh Mujib (Sheikh Mujibur Rahman) family will neither abandon its people nor leave the beleaguered Awami League in the lurch. He expressed gratitude to Prime Minister Narendra Modi and his government for protecting his mother and appealed to India to help build international opinion and exert pressure to restore democracy in Bangladesh. "Yes, it is true that I had said she wouldn't return to Bangladesh. But a lot has changed in the last two days following continuous...
Read more

OnePlus 13s Price in India Leaked Ahead of Launch on June 5

Image
OnePlus 13s is scheduled to launch in India next week and the company's next high-end smartphone will arrive as a more compact version of its 2025 flagship model, the OnePlus 13. It is the first handset from OnePlus to arrive with a new Plus Key, instead of an alert slider. The company has also confirmed that the OnePlus 13s will be equipped with a Snapdragon 8 Elite chip. Days ahead of the launch of the OnePlus 13s, a tipster has leaked the purported price range of the OnePlus 13s in India. OnePlus 13s Price in India (Expected) OnePlus 13s price in India has been leaked by tipster Yogesh Brar in collaboration with 91Mobiles. The upcoming compact smartphone will be priced around Rs. 55,000. The company has yet to reveal the RAM and storage configurations of the OnePlus 13s, as well as the names of its colour options. The handset will be available to purchase via Amazon and the company's website. If these claims by the tipster are accurate, then the OnePlus 13s will cost mo...
Read more

Met Gala 2025: BLACKPINK's Jennie, Rose And Lisa Shine In Style

The 2025 Met Gala was all about fashion, and who better to bring the heat than the K-pop icons themselves? Our favourite idols turned heads and dropped jaws at fashion's biggest night in New York City on May 5.  Among the showstoppers were three queens from BLACKPINK – Jennie, Lisa, and Rose – making their first-ever group appearance at the gala (well, almost full group... more on that later). Jennie, who is no stranger to the Met, made a stunning move this year. Ditching her usual safe glam, she rolled up in a sleek black suit paired with an off-shoulder top from Chanel – because of course, she is the brand's ambassador.  But the surprise element? A long dramatic train, layered pearl chains and a black-and-white top hat.  Next up, Lisa ! The fashion icon arrived dripping in Louis Vuitton, her go-to brand. She rocked a black bodysuit with sheer stockings, topped with a pearl-and-gold detailed jacket that screamed luxury with edge.  Rose kept things effortlessly...
Read more