2023-09-03 05:33:07
3000 jobs go by the wayside
On Thursday, UBS unveiled its strategy for integrating Credit Suisse and announced the loss of 3,000 jobs in Switzerland. No less than 1,000 identified duplicate positions will be removed by the end of 2024.
Sergio Ermotti says he cannot speak for the time being on the future of the 120,000 employees by 2025. “It depends on many developments and absolute figures only lead to misunderstandings,” he says.
UBS might realize an additional profit of 10.5 billion francs by receiving gains that Credit Suisse had to write off due to accounting rules. But it is only “if we do everything correctly that there will be a profit from the merger”, specifies Sergio Ermotti.
UBS had been thinking regarding a takeover since 2016
He further asserts that UBS management has been closely monitoring the situation of Credit Suisse since 2016. “Because we were doing our duty”, but also to “examine the possibilities of takeovers”. “We were concerned, because we knew CS had the wrong business model,” he says.
While some worry regarding the importance that UBS, the first Swiss bank, acquired by buying Credit Suisse, Sergio Ermotti assures that the simple fact of being bigger does not mean that the banking establishment is now more dangerous for Switzerland. “On the contrary, I think the financial center has become safer,” he says.
Our recent articles
1693719676
#UBS #boss #Sergio #Ermotti #defends #dissolution #Credit #Suisse #brand #country
