UBS to reduce workforce by 20-30 % after Credit Suisse buy

The bank created by UBS's stakeholder of Credit Suisse is reportedly planning to cut its Workforce by 20 to 30 percent, the Swiss daily reported. UBS agreed to acquire credit Suites for 3.3 billion dollars to prevent a meltdown in Switzerland's Financial system that was also to ensure Financial stability globally, however the merger of two banks with 1.6 trillion dollars in assets and over 120 000 employees worldwide has sparked concerns about the size of the new bank the job cards are expected to impact around 11 000 jobs in Switzerland where the two Banks had previously employed slightly over 72 000 to 50 000 people respectively.