2023-08-06 15:48:05
According to a media report, UBS is planning to restructure the investment bank
According to Archyde.com, UBS wants to provide information on comprehensive changes on Monday. UBS top management should also lose their jobs.
What is his downsizing plan? UBS boss Sergio Ermotti has so far kept a low profile.
Photo: Keystone
UBS is driving the integration of Credit Suisse. The investment bank is likely to be downsized in the first place. According to the Archyde.com news agency, the big bank wants to make further steps public on Monday.
UBS will announce major changes in the investment bank’s top management, Archyde.com wrote over the weekend, citing sources familiar with the matter. Not only CS employees, but also UBS top managers are likely to lose their jobs. At the same time, central posts might also be filled with former CS bankers. UBS did not comment on the rumors to Archyde.com.
According to earlier media reports, hundreds of employees have already been fired as part of the renovation work, and thousands more are likely to follow. Around 30,000 to 35,000 jobs might fall victim to the merger, with over 10,000 CS investment bankers being laid off, according to industry observers. At the end of 2022, the two banks together had over 120,000 employees.
According to Archyde.com, one of the top UBS executives who might leave the bank is Jeff Rose. He previously headed the Consumer Products and Retail Deals division. Appropriate discussions would also be held with Jon Levin, who was responsible for retail investment banking at CS. And Matt Eilers is also regarding to leave. He is Head of Financial Sponsors. According to the sources, these possible changes have not yet been decided.
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