UBS will cut between 20%-30% of its 120,000 employee global workforce after completing its merger with Credit Suisse, equal to up to 36,000 jobs. 11,000 jobs are expected to be cut in Switzerland alone. Initially reported by local Swiss Media and confirmed by Bloomberg.
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I'd have to think vast majority is CS side but could see this used as an opportunity to cut lower performers at UBS and replace with top half performers from CS. You certainly don't need two of every back-office function so would expect very high reduction of duplicates in that area. Would expect the least reduction in front and middle office areas where there's less overlapping business, though still challenging cuts across the board. Hopefully some good severance packages for those let go. All speculative but that's what reason would dictate.
Sorry UBS/CS brahs. I'm working on the advisory team on the deal, and we just hard coded 10% of target sales as synergies on the accretion dilution model as a placeholder. Looks like they are running with it.