UBS is set to cut around two-thirds of Credit Suisse’s investment banking jobs, with the latest casualties being in Spain. According to Bloomberg, UBS plans to eliminate all 147 jobs at Credit Suisse’s investment banking operations in Spain. The cuts will affect investment bankers as well as back- and middle-office staff in Wealth Management.
However, UBS has decided to retain Credit Suisse’s private banking division, likely due to the sale of its Spanish wealth business earlier this year. Despite the job cuts, a UBS spokesperson emphasized the bank’s commitment to Spain. They stated that the acquisition of Credit Suisse will enhance UBS’s growth strategy and product capabilities.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇪🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Credit Suisse, Bloomberg, UBS |
| Currencies | None |
| Securities | None |
