The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary Intermediation
147 jobs Number of planned job losses
Announcement Date
25 October 2023
Employment effect (start)
30 October 2023
Foreseen end date
Description
The Swiss bank UBS, which acquired Credit Suisse in March 2023 to save it from bankruptcy, will cut 147 jobs from Credit Suisse's total workforce in Spain as part of a global plan of cuts that will affect some 35,000 workers worldwide, according to analysts' estimates.
Most of the affected workforce in Spain will be in investment banking and a smaller number in wealth management business divisions. The remaining Credit Suisse staff in Spain, where it has around 350 employees, will be transferred to UBS in the coming months. In addition, the UBS has indicated that the workforce reduction is limited to middle and back-office functions, basically with the aim of increasing efficiency, reducing costs and adjusting the organisation to the actual size of the business.
Eurofound (2023), Credit Suisse, Merger/Acquisition in Spain, factsheet number 200458, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200458.
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