UBS lays off Credit Suisse investment bank staff, closes Houston office
Credit Suisse takeover of UBS
Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York, according to a source cited by Reuters.
The scale of layoffs and the businesses affected were not specified by the source.
Apart from the layoffs in New York, UBS is also in the process of closing Credit Suisse’s investment bank’s office in Houston, Reuters sources added.
Sources further told Reuters that the New York office will now handle the oil industry on behalf of the Houston office. But no clarity was provided on the number of workers that have been impacted by the layoffs.
UBS and Credit Suisse refused to make comments on the matter.
The latest layoffs come following UBS’s government-backed acquisition of Credit Suisse in June. Ever since the acquisition was announced,UBS has been clear that the layoffs will lower the risk of Credit Suisse’s investment bank.
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Woman used AI to tell court what happened the night her ex-boyfriend 'raped' her. It was a bad idea
)
'First dumb AI': Meta AI blocks Indian PM Modi's video in his own country, allows abuse ads and deletes livelihoods without explanation
)
India avoids higher US tariff, secures lower 10% rate. Here's how
)
He predicted COVID-19 and 2008 economic crisis, was labeled fearmonger. Now he has another dire warning
)
Sadie Sink's leaked Spider-Man: Brand New Day clip fuels fresh Jean Grey speculation
)
RSS backed Jantar Mantar student protest? Mohan Bhagwat's 'question authority' remark resurfaces
)
ChatGPT invoked God, told pastor not to worry about his symptoms. Then pulmonary embolism hit
)
Rahul Gandhi slams BJP for felicitating Dharmendra Pradhan in Parliament, accuses Modi government of 'celebrating ruined futures'
)
'Islamic Republic will never make a deal with the US': Iran deputy speaker echoes Araghchi’s remark
)
NEET Protests riddled with misinformation? Delhi Police blocks 480 Pakistan-based handles spreading 'fake news' since Operation Sindoor
)
'Spreading deepfakes, deleted PM Modi's video': Why Meta AI should be banned in India for interfering in Indian economy and democracy
)
You are a 'Naked Official' in China if you hold high posts and have children or spouse abroad. What about India?
)
Delhi Police issues BIG statement on viral 'don't leave national capital without permission' notice | FACT CHECK
)
Earthquake of magnitude 7.1 strikes Japan's Kumamoto prefecture, tsunami warning issued
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
China deploying advanced fighter jets closer to India's northern frontier
)
Who will benefit from Kapil Sibal's ₹1 crore legal aid fund for NEET protesters? This is what we know
)
Giant iceberg flips violently near Greenland exposing its underside - 'I didn't know they could do that'
)
Why did Meta remove PM Modi's Facebook video on paper leaks? Tech company blames 'technical error'
)
Asim Munir eyes defence deal with Qatar & Turkiye after Kuwait as Pakistan seeks investments | Gravitas
)
'Worst quality AI in market': Meta AI's moderation fail hits PM Modi and Indian Democracy
)
‘Kill Melania, Barron’: Why is IRGC-linked media outlet urging ‘freedom fighters’ to assassinate Trump’s family? WATCH
)
'Broader struggle for democracy...': Greta Thunberg joins Indian students protest in London - What she said
)
Russia-Ukraine War: Russia drops 3-tonne Glide bombs on Ukraine
)
NEET aspirant ends her life in Maharashtra after falling 11 marks short of cut-off
)
FAA orders fix for faulty seats on hundreds of Boeing 737 MAX jets, warns of passenger injury in emergency landings
)
3,000 years ago, humanity spoke thousands of languages — then fell silent. Where did they all go?
)
Tom Cruise's daughter Suri drops his surname; adopts Katie Holmes' middle name Noelle
)
Jennifer Lopez's ex-husband Ojani Noa claims he confronted Sean 'Diddy' Combs over alleged affair
After the emergency acquisition of Credit Suisse, UBS’s total employee count increased to nearly 120,000.
A Bloomberg report said that the bank has planned three rounds of cuts for 2023, with the July layoffs being the first and the other two could be carried out in September and October.
The Swiss banking giant hopes to save $6 billion in staff costs over the coming years through the job cuts.
(With inputs from agencies)
WATCH WION LIVE HERE