UBS CEO says around 10% of Credit Suisse employees have left the bank
UBS earlier on Monday said it had completed its emergency takeover of stricken local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies.
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- Switzerland
UBS's Chief Executive Sergio Ermotti said around 10% of Credit Suisse staff have already left the company before its takeover by his bank.
"It's true that around 10% of the workforce have already left in the last few months before the takeover," Ermotti told Swiss broadcaster SRF in an interview. UBS earlier on
Monday said it had completed its emergency takeover of stricken local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management.
The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS also
announced a raft of management changes following the takeover.
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