2023-08-02 19:11:47
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Both Credit Suisse and UBS were unreachable for comment.
On Wednesday morning, Bloomberg announced the closure of the Houston branch of the two-veiled bank. With the takeover by UBS, CS’s investment banking business will be significantly reduced. Due to risky investments, it had caused losses to the tune of one billion in recent years.
Globally, the merger of the two major banks is expected, according to various press reports, to result in the loss of 30,000 to 35,000 jobs. At the end of 2022, the two establishments employed a total of 120,000 people. In the meantime, several thousand have left the ship.
Also read: UBS reportedly preparing to cut half of Credit Suisse jobs
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