Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets.

The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together.

While the competition authority in Switzerland, ComCo, was sceptical, the FINMA, the Swiss financial market regulator, did not indicate there would be competition issues.

Now, the pricing manager has evidence that UBS's growing market power might result in discriminatory pricing concerning interest rates in the loans offered.

Indeed, Swiss companies have also complained of similar concerns. The regulator said they would expect UBS to act responsibly and not take advantage of its position in the market space. While it hoped not to intervene, it had reserved the right to act if necessary.

Meanwhile, according to Bloomberg News, another senior executive is leaving UBS Group AG's India operation as the firm continues to shape its wealth management strategy in the country, according to people familiar with the matter.

Aditya Goenka, a Mumbai-based managing director in structured lending, will join HSBC Holdings Plc's commercial banking division, said the people, who asked not to be identified because the details are private.

UBS will make use of the Credit Suisse team it acquired to get back into India's onshore wealth management business, which it exited a little over a decade ago.

Despite thinner margins in India versus most other regions for managing client money, UBS sees opportunities in managing the business and personal assets of clients riding the booming stock market and economy.

As UBS finalises its plans, however, it has emerged as a very fertile hunting ground for rivals eyeing talent in an aggressively competitive Indian market, say sources.

In the past year since news broke of UBS' takeover of Credit Suisse, about half a dozen former executives from the latter have made their way into other firms.

The LinkedIn account said Goenka spent more than 11 years at Credit Suisse and close to eight years at Bank of America Corp.

UBS and HSBC spokespeople declined to comment, and Goenka didn't respond to requests for comment. 
At HSBC, Goenka will team up with another former Credit Suisse colleague, Rajat Sabharwal. 
Sabharwal ran Credit Suisse's equities business in India until the end of last year. He takes a similar role at HSBC.

Other former Credit Suisse staff have moved with Sudipto Sinha, now a business head at Angel One Wealth, and Sandipan Roy, who has become the chief investment officer at Motilal Oswal Wealth Management Ltd. LGT Wealth India, a firm backed by the Liechtenstein royal family, has brought on board Ajay Punjabi, a veteran relationship manager.

Chirag Doshi from Axis Bank is joining the company as head of fixed income business. 
Vijay Shah, who was earlier heading its advisory and sales in its wealth management division, has resigned to start his business.

It had slightly over 40 employees in its Indian wealth management business and around 7,000 employees in the country overall in India, a group told Bloomberg News in April last year.

It was just about a month ago that the Co-head of Asia-Pacific wealth management at UBS, Jin Yee Young, travelled to India, labelling the country as a key strategic market.

The firm is at work rebuilding its presence in markets like India, according to Edmund Koh, UBS' Asia Pacific president.

"It's a good market for us, but still early days in India, still a lot of heavy lifting to do," Koh said.

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets. The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together.

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets. The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together. While the competition authority in Switzerland, ComCo, was sceptical, the FINMA, the Swiss financial market regulator, did not indicate there would be competition issues. Now, the pricing manager has evidence that UBS's growing market power might result in discriminatory pricing concerning interest rates in the loans offered. Indeed, Swiss companies have also complained of similar concerns. The regulator said they would expect UBS to act responsibly and not take advantage of its position in the market space. While it hoped not to intervene, it had reserved the right to act if necessary. Meanwhile, according to Bloomberg News, another senior executive is leaving UBS Group AG's India operation as the firm continues to shape its wealth management strategy in the country, according to people familiar with the matter. Aditya Goenka, a Mumbai-based managing director in structured lending, will join HSBC Holdings Plc's commercial banking division, said the people, who asked not to be identified because the details are private. UBS will make use of the Credit Suisse team it acquired to get back into India's onshore wealth management business, which it exited a little over a decade ago. Despite thinner margins in India versus most other regions for managing client money, UBS sees opportunities in managing the business and personal assets of clients riding the booming stock market and economy. As UBS finalises its plans, however, it has emerged as a very fertile hunting ground for rivals eyeing talent in an aggressively competitive Indian market, say sources. In the past year since news broke of UBS' takeover of Credit Suisse, about half a dozen former executives from the latter have made their way into other firms. The LinkedIn account said Goenka spent more than 11 years at Credit Suisse and close to eight years at Bank of America Corp. UBS and HSBC spokespeople declined to comment, and Goenka didn't respond to requests for comment. At HSBC, Goenka will team up with another former Credit Suisse colleague, Rajat Sabharwal. Sabharwal ran Credit Suisse's equities business in India until the end of last year. He takes a similar role at HSBC. Other former Credit Suisse staff have moved with Sudipto Sinha, now a business head at Angel One Wealth, and Sandipan Roy, who has become the chief investment officer at Motilal Oswal Wealth Management Ltd. LGT Wealth India, a firm backed by the Liechtenstein royal family, has brought on board Ajay Punjabi, a veteran relationship manager. Chirag Doshi from Axis Bank is joining the company as head of fixed income business. Vijay Shah, who was earlier heading its advisory and sales in its wealth management division, has resigned to start his business. It had slightly over 40 employees in its Indian wealth management business and around 7,000 employees in the country overall in India, a group told Bloomberg News in April last year. It was just about a month ago that the Co-head of Asia-Pacific wealth management at UBS, Jin Yee Young, travelled to India, labelling the country as a key strategic market. The firm is at work rebuilding its presence in markets like India, according to Edmund Koh, UBS' Asia Pacific president. "It's a good market for us, but still early days in India, still a lot of heavy lifting to do," Koh said.

Swiss regulator monitors UBS after Credit Suisse takeover

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.

<h2>When will the job cuts happen?</h2>

As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October.

UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-ordered-by-court-to-pay-926-million-to-ex-pm-of-georgia-596934">Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM</a>

Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals.

This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees.

<h2>How will the job cuts affect the global financial sector?</h2>

The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts.

Watch |&nbsp;Credit Suisse is now a part of UBS | World Business Watch

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UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021.&nbsp;

Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment.

Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions.&nbsp;

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360&amp;sa=U&amp;ved=2ahUKEwial-atieX_AhXmTmwGHahpC0gQFnoECAAQAg&amp;usg=AOvVaw1cP6ReS7Br9qR4j8hcpMqi" dir="ltr" href="https://www.wionews.com/world/silicon-valley-bank-to-cut-500-jobs-says-new-owner-report-596360" target="_blank">Silicon Valley Bank to cut 500 jobs, says new owner: Report</a>

UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200.&nbsp;

As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books.

<h2>UBS and Credit Suisse integration</h2>

Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach.&nbsp;

The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated.&nbsp;
(With inputs from agencies)

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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 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. When will the job cuts happen? As per a report in Fortune, staff has been told to expect the cuts in three rounds, with the first round projected to take place by the end of July, followed by two additional rounds tentatively planned for September and October. UBS, which recently completed the acquisition and now has a combined workforce of approximately 120,000 employees, aims to save around $6 billion in staff costs over the coming years. Also read | Another jolt to Credit Suisse, court orders it to pay $926 million to Georgian ex-PM Quoting sources, Fortune reports that UBS plans to reduce the total combined headcount by roughly 30 per cent, or 35,000 individuals. This estimate aligns with an approximate reduction of 30,000 predicted this month by analysts at Redburn. Credit Suisse's current headcount stands at approximately 45,000 employees. How will the job cuts affect the global financial sector? The reduction in staff at Credit Suisse is expected to exacerbate an already challenging year for global financial sector jobs, as other major banks such as Morgan Stanley and Goldman Sachs have also announced substantial cuts. Watch | Credit Suisse is now a part of UBS | World Business Watch UBS had earlier signalled its intention to significantly scale back the size of Credit Suisse's investment bank, which experienced a $5.5 billion loss due to the Archegos Capital Management scandal in 2021. Earlier this month, the company's chief executive Sergio Ermotti warned that the coming months will likely be "bumpy". He said that the UBS, and Credit Suisse merger will demand "waves" of difficult decisions, including regarding employment. Although UBS initially planned to retain the top 20 per cent of dealmakers, particularly those focused on technology, media, and telecoms, many high-performing bankers have already left or been hired by rival institutions. Also read | Silicon Valley Bank to cut 500 jobs, says new owner: Report UBS as per the Fortune report aims to retain most of Credit Suisse's private bankers, particularly in the Asia-Pacific region, where a few hundred private bankers are expected to join UBS's existing team of over 1,200. As per the report, a source revealed that the company will also need to retain staff responsible for managing Credit Suisse's structured loans to wealthy clients and the equity derivatives books. UBS and Credit Suisse integration Regarding the Swiss domestic business, UBS reportedly intends to make a decision in the third quarter on whether to fully integrate it with its own Swiss unit, pursue alternative options such as spinning it off or listing it publicly, or adopt another approach. The fate of the Swiss bank has drawn significant attention. The initial job cuts are likely to exclude roles related to the overlapping areas of the Swiss businesses. However, if the two domestic businesses are merged, it is estimated that up to 10,000 jobs could be eliminated. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

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

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse&nbsp;by UBS Group, the office of the attorney general said on Sunday.

The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, which&nbsp;agreed on an emergency merger&nbsp;last month to avoid a meltdown in the country's financial system.

There were "numerous aspects of events around Credit Suisse" that warranted investigation and which needed to be analysed to "identify any criminal offences that could fall within the competence of the [prosecutor]", it said in a statement.

"The Office of the Attorney General wants to proactively fulfil its mandate and responsibility to contribute to a clean Swiss financial centre and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility," it added.

It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last.

Both UBS and Credit Suisse declined to comment.

<h2 data-testid="Heading">Out of ordinary</h2>

"It's astonishing that the prosecutor would comment," said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue "is so out of the ordinary that they had to say something."

Pieth said the prosecutor could be probing breaches of secrecy provisions by officials, or the trading on inside information, adding that the wiping out of some bondholders as planned under the deal is also problematic.

In the deal announced on March 19 and orchestrated by the Swiss government, the central bank and market regulator, UBS would acquire rival Credit Suisse for 3 billion Swiss francs ($3.3 billion). The bank is trying to close the deal by as soon as the end of April, sources have told Reuters.

The Swiss public and politicians have voiced concerns about the level of state support, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank.

A poll of Swiss economists&nbsp;found that nearly half think the takeover of Credit Suisse was not the best solution, and warned that the situation had dented Switzerland's reputation as a banking centre.

The takeover, which was also designed to help secure financial stability globally during a period of turmoil, has sparked concern among critics about the size of the merged bank, with $1.6 trillion in assets and more than 120,000 staff worldwide.

Up to 30% of staff&nbsp;could lose their jobs due to the takeover, according to an unnamed senior UBS manager quoted in Swiss media.

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday.

Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said on Sunday. The prosecutor, based in the Swiss capital Bern, is looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks, which agreed on an emergency merger last month to avoid a meltdown in the country's financial system. There were "numerous aspects of events around Credit Suisse" that warranted investigation and which needed to be analysed to "identify any criminal offences that could fall within the competence of the [prosecutor]", it said in a statement. "The Office of the Attorney General wants to proactively fulfil its mandate and responsibility to contribute to a clean Swiss financial centre and has set up a monitoring system so that it can take action immediately on any issues that fall within its area of responsibility," it added. It gave no indication of any specific aspects of the merger agreement it might look into or how long the investigation might last. Both UBS and Credit Suisse declined to comment. Out of ordinary "It's astonishing that the prosecutor would comment," said Mark Pieth, professor emeritus of the University of Basel, where he has taught criminal law and criminology. But the rescue "is so out of the ordinary that they had to say something." Pieth said the prosecutor could be probing breaches of secrecy provisions by officials, or the trading on inside information, adding that the wiping out of some bondholders as planned under the deal is also problematic. In the deal announced on March 19 and orchestrated by the Swiss government, the central bank and market regulator, UBS would acquire rival Credit Suisse for 3 billion Swiss francs ($3.3 billion). The bank is trying to close the deal by as soon as the end of April, sources have told Reuters. The Swiss public and politicians have voiced concerns about the level of state support, with nearly 260 billion Swiss francs in liquidity and guarantees offered by the government and Swiss National Bank. A poll of Swiss economists found that nearly half think the takeover of Credit Suisse was not the best solution, and warned that the situation had dented Switzerland's reputation as a banking centre. The takeover, which was also designed to help secure financial stability globally during a period of turmoil, has sparked concern among critics about the size of the merged bank, with $1.6 trillion in assets and more than 120,000 staff worldwide. Up to 30% of staff could lose their jobs due to the takeover, according to an unnamed senior UBS manager quoted in Swiss media.

Swiss prosecutor probes state-backed Credit Suisse takeover of UBS

The hastily arranged alliance of Credit Suisse and UBS could trigger a loss of 36,000 jobs across the world, according to German media. The management brought in to wade through the stormy waters of the merger may be looking to cut between 20 per cent to 30 per cent of the workforce, meaning somewhere between 25,000 to 36,000 could end up losing their jobs, reported SonntagsZeitung.

The hastily arranged alliance of Credit Suisse and UBS could trigger a loss of 36,000 jobs across the world, according to German media. The management brought in to wade through the stormy waters of the merger may be looking to cut between 20 per cent to 30 per cent of the workforce, meaning somewhere between 25,000 to 36,000 could end up losing their jobs, reported SonntagsZeitung. UBS and Credit Suisse employ 72,000 and 50,000 people worldwide respectively. Switzerland, the base of Credit Suisse, may alone see a cut of 11,000 jobs. Meanwhile, jobs in the US could also be at severe risk, the publication stated. The release of the report comes in the same week when UBS announced it was bringing its former chief executive Sergio Ermotti to handle the absorption of troubled rival Credit Suisse. WATCH | Why you should be worried if Credit Suisse collapses Apart from thousands losing their jobs, investors have also lost billions. Reportedly, over $17.3 billion worth of bonds issued by Credit Suisse bank have become worthless after UBS came in with the takeover bid. Under the takeover deal, UBS will be writing down the bank's additional tier 1 (AT1) bonds to increase core capital. “The extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around 16 billion [Swiss francs],” said Swiss regulator FINMA. The AT1 bonds were primarily created for the failing banks to absorb losses, thereby reducing the chances of a taxpayer-funded bailout. Because of the higher risks, the AT1 bonds provided a greater yield than most other bonds and they became a quick favourite of institutional investors. ALSO READ | Over $17 billion worth of bonds become zero after Credit Suisse takeover by UBS After reports came in that Credit Suisse had collapsed, the Swiss government stepped up and arranged a takeover by the UBS Group for $3.25 billion. The takeover was aimed at preventing economic turmoil from spreading throughout the country and beyond. (With inputs from agencies) WATCH WION LIVE HERE:

Hastily arranged marriage of UBS-Credit Suisse could lead to loss of 36,000 jobs: Report

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.

Ermotti, who was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis, will take over next Wednesday from CEO Ralph Hamers.

Also Read | <a href="https://www.wionews.com/india-news/marriage-a-license-to-rape-indias-top-court-to-hear-pleas-on-marital-rape-these-countries-criminalise-it-576588">Marriage a license to rape? India's top court to hear pleas on marital rape; these countries criminalise it</a>

Hamers took up the job in November 2020 and will remain at UBS during a transition period "to ensure a successful closure of the transaction and a smooth handover," the bank said in a statement.

UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having "cut its footprint" and changing the culture of the bank&nbsp;and it pointed to his experience in bringing big financial institutions together.

Also Read | <a href="https://www.wionews.com/world/nashville-school-shooter-sent-a-cryptic-warning-text-to-ex-classmate-it-only-makes-sense-now-577038">Nashville school shooter sent a cryptic warning text to ex-classmate, it only makes sense now</a>

The hastily arranged, USD 3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull out their money.

Swiss authorities urged UBS to take over its smaller rival after the central bank's plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and customers. The Swiss executive branch passed emergency measures to bypass shareholder approval.

Watch | Israel protests: US President Joe Biden urges Netanyahu to abandon judicial overhaul

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UBS Chairman Colm Kelleher said Wednesday that he called Ermotti shortly after the emergency deal was arranged on March 19, which involved Swiss regulators, the federal government and top executives at both banks.

"This is the biggest single financial transaction since 2008. That brings significant execution risk," Kelleher said on a conference call.

Swiss lawmakers and academics have raised concerns that the deal could create an unwieldy Swiss banking behemoth, while UBS executives said regulatory issues loom internationally before the deal can close.

Many Credit Suisse customers have expressed regret at the looming disappearance of a 167-year-old bank that has been a pillar of Switzerland's renowned banking and financial industry. 
 
(With inputs from agencies) 
 
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UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.

UBS said Wednesday that it's bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse. Ermotti, who was the bank's top executive for nine years and led a turnaround following the 2008 global financial crisis, will take over next Wednesday from CEO Ralph Hamers. Also Read | Marriage a license to rape? India's top court to hear pleas on marital rape; these countries criminalise it Hamers took up the job in November 2020 and will remain at UBS during a transition period "to ensure a successful closure of the transaction and a smooth handover," the bank said in a statement. UBS credited Ermotti, who is now chairman of insurer Swiss Re, for having "cut its footprint" and changing the culture of the bank and it pointed to his experience in bringing big financial institutions together. Also Read | Nashville school shooter sent a cryptic warning text to ex-classmate, it only makes sense now The hastily arranged, USD 3.25 billion deal for Credit Suisse aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull out their money. Swiss authorities urged UBS to take over its smaller rival after the central bank's plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and customers. The Swiss executive branch passed emergency measures to bypass shareholder approval. Watch | Israel protests: US President Joe Biden urges Netanyahu to abandon judicial overhaul × UBS Chairman Colm Kelleher said Wednesday that he called Ermotti shortly after the emergency deal was arranged on March 19, which involved Swiss regulators, the federal government and top executives at both banks. "This is the biggest single financial transaction since 2008. That brings significant execution risk," Kelleher said on a conference call. Swiss lawmakers and academics have raised concerns that the deal could create an unwieldy Swiss banking behemoth, while UBS executives said regulatory issues loom internationally before the deal can close. Many Credit Suisse customers have expressed regret at the looming disappearance of a 167-year-old bank that has been a pillar of Switzerland's renowned banking and financial industry. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UBS brings back Sergio Ermotti as CEO for Credit Suisse takeover after deal

The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.25 billion. While Swiss authorities managed to avert a financial crisis, the decision to merge the two banks will likely have a major impact on jobs in India.

Nearly 14,000 Indian employees working in three Indian cities are at risk of losing their jobs after the merger. Technology centres of both UBS and Credit Suisse in India will likely be dealt a massive blow following the Swiss government-backed takeover.

The technology centres of both the banks employ around 7,000 employees each in three Indian cities, an Economic Times report said. Once the merger is finalised, UBS is likely to focus on cost-cutting measures, and the Indian staff of the two companies is likely to be heavily impacted.&nbsp;Locally known as global in-house centres (GIC), UBS will try to retain only the best of the best at these centres in India.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-how-did-the-fall-of-166-year-old-lending-institution-unfold-573930">Credit Suisse: How did the fall of 166-year-old lending institution unfold?</a>

While UBS hasn't released an official figure for job cuts, the number is expected to be huge since the company aims to cut the combined company's annual cost base by more than $8 billion by 2027. The amount is half of Credit Suisse's expenses last year.

Meanwhile, UBS, in a memo, asked employees to continue to see Credit Suisse as a rival bank until the talks are over. They should not divulge any business secrets to their new colleagues, the memo said. “Credit Suisse is still our competitor," UBS CEO Ralph Hamers wrote in a memo to employees.

Further, Credit Suisse urged employees to continue to work as usual despite everything that is happening.&nbsp;

“We know that many of you will have been following the intense media coverage over the past 48 hours on the future of Credit Suisse and appreciate the enormous uncertainty and stress that this has caused," Chairman Axel Lehmann and CEO Ulrich Koerner said in the memo.

“Please note that there is no immediate impact on our clients and on our day-to-day working operations. Our branches and global offices will remain open, and all colleagues are expected to and should continue to come to work."

Credit Suisse said it is identifying which roles can be let go of and “will aim to continue to provide severance in line with market practice."

(With inputs from agencies)

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The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.

The turmoil in the banking sector across the world has led to market upheaval and massive financial losses. Credit Suisse is the latest bank to go kaput. Its share prices started falling on Wednesday and by Sunday, it was sold to its domestic rival UBS for $3.25 billion. While Swiss authorities managed to avert a financial crisis, the decision to merge the two banks will likely have a major impact on jobs in India. Nearly 14,000 Indian employees working in three Indian cities are at risk of losing their jobs after the merger. Technology centres of both UBS and Credit Suisse in India will likely be dealt a massive blow following the Swiss government-backed takeover. The technology centres of both the banks employ around 7,000 employees each in three Indian cities, an Economic Times report said. Once the merger is finalised, UBS is likely to focus on cost-cutting measures, and the Indian staff of the two companies is likely to be heavily impacted. Locally known as global in-house centres (GIC), UBS will try to retain only the best of the best at these centres in India. Also Read | Credit Suisse: How did the fall of 166-year-old lending institution unfold? While UBS hasn't released an official figure for job cuts, the number is expected to be huge since the company aims to cut the combined company's annual cost base by more than $8 billion by 2027. The amount is half of Credit Suisse's expenses last year. Meanwhile, UBS, in a memo, asked employees to continue to see Credit Suisse as a rival bank until the talks are over. They should not divulge any business secrets to their new colleagues, the memo said. “Credit Suisse is still our competitor," UBS CEO Ralph Hamers wrote in a memo to employees. Further, Credit Suisse urged employees to continue to work as usual despite everything that is happening. “We know that many of you will have been following the intense media coverage over the past 48 hours on the future of Credit Suisse and appreciate the enormous uncertainty and stress that this has caused," Chairman Axel Lehmann and CEO Ulrich Koerner said in the memo. “Please note that there is no immediate impact on our clients and on our day-to-day working operations. Our branches and global offices will remain open, and all colleagues are expected to and should continue to come to work." Credit Suisse said it is identifying which roles can be let go of and “will aim to continue to provide severance in line with market practice." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Credit Suisse-UBS merger likely to impact 14,000 jobs in India