Around 10% of Credit Suisse employees have left, says UBS's CEO
1 min read 12 Jun 2023, 05:17 PM ISTUBS announced a string of management changes including at Credit Suisse AG.
PremiumUBS's Chief Executive Sergio Ermotti said that around 10 per cent of Credit Suisse staff have left the company before its takeover by his bank.
"It's true that around 10 per cent of the workforce have already left in the last few months before the takeover," said Ermotti reported Swiss broadcaster SRF.
UBS announced that it has completed its emergency takeover of Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion.
The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies.
UBS also announced management changes following the takeover.
Credit Suisse shares were up 0.4% on their last day of trading, while UBS were also up around 0.4% in mid-day trade.
The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies.
UBS announced a string of management changes including at Credit Suisse AG, which is now a subsidiary that will be run separately.
Chief Financial Officer Dixit Joshi and General Counsel Markus Diethelm are among the executives leaving, wrote Ulrich Koerner, Chief Executive of the new UBS subsidiary Credit Suisse AG.
Alongside a string of new appointments, the memo also said Andre Helfenstein, the head of Credit Suisse's domestic business, will remain in his role.
The closing of the deal, announced in an open letter published Monday, ends Credit Suisse’s independent existence after 167 years and allows UBS to move forward with the complex integration of the former rival, a process that’s likely to involve thousands of job cuts.