UBS Group is preparing to reduce more than half of the Credit Suisse Group's workforce following the emergency takeover of the bank. The impact of these job cuts is expected to be felt primarily by bankers, traders, and support staff in Credit Suisse's investment bank located in London, New York, and certain parts of Asia.

UBS plans to sack 'more than half' or 35,000 Credit Suisse staff: Report

The stock markets tumbled again on Friday, fears of a banking crisis resurfaced despite massive financial lifelines thrown at embattled lenders to prevent contagion across the sector. Markets had rallied on Thursday, after wall street titans, including JP Morgan, Bank of America, and Citigroup, pledged to inject $30 billion into first Republic bank.

Credit Suisse & First Republic stocks dive back deep in the red; Global markets rattled

The shares of swiss lender Credit Suisse tumbled as much as 30% on Wednesday. The Credit Suisse turmoil resulted in torrid sessions in Europe and the United States overnight, as investors fretted about potential runs on global bank deposits.

Bailout of Credit Suisse fails to stem rout; banking crisis weighs on Europe's rate policy | WION

Rattled clients pull millions from the bank, Credit Suisse group has reported biggest annual loss since 2008 Global Financial Crisis. It also warned that a further substantial loss would come this year.

Credit Suisse warns of more losses, rattled clients pull billions from bank