UBS axes thousands more jobs in Credit Suisse plan

UBS dramatically increased the cost cuts it expects to make from merging with Credit Suisse today, increasing fears that City job losses will be even worse than first planned.

- FINANCE Simon

The controversial deal to merge the two and prevent Credit Suisse from going under was brokered by the Swiss government last year after losses at the CS investment banking arm.

UBS said today that it is aiming for cost savings of $13 billion, up from the $10 billion previously expected.

Thousands of City jobs will go. Credit Suisse has or had - 5000 UK staff mostly at Canary Wharf while UBS has 6000 mostly at Broadgate in the City. It is understood that staff are in talks on redundancy terms.

Across the Square Mile, bankers are nervous for their jobs as a dearth of deal-making and new stock flotations hits revenues.

One estimate last week predicted there were 60,000 job cuts across world banking in 2023, making it one of the worst years since the 2008 financial crash.

Yesterday CMC Markets announced that 200 jobs would go -17% of its total headcount.