Zurich-headquartered UBS is reportedly commencing a new round of job cuts at Credit Suisse, this time targeting staff in support functions.
UBS is set to start its next round of job cuts at Credit Suisse, according to a report by London-based online media «Financial News» citing unnamed sources. The cuts will target about 10 percent of support staff, likely in areas such as compliance, risk and marketing, starting on November 6.
Following a government-brokered takeover, the combined workforces of UBS and Credit Suisse totaled around 120,000. The former bank has been reducing headcount at the latter bank with earlier cuts involving staff in management, banking and trading.
