Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government. (Photo: AFP)
GENEVA: Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse — more than half its workforce — as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.
Credit Suisse had a staff of around 45,000 before it nearly collapsed on investor fears about its solvency, which prompted a massive bailout orchestrated by the Swiss government.
Analysts had warned that huge job losses were likely because of the overlapping activities at two of the world’s most important banks.
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