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
3,150 - 35,000 jobs Number of planned job losses
Announcement Date
31 August 2023
Employment effect (start)
31 August 2023
Foreseen end date
31 December 2024
Description
The Swiss bank UBS, which acquired Credit Suisse in March 2023 to save it from bankruptcy, will cut at least 3,150 jobs worldwide. As of now, there is no further information available on the exact final number and which other locations are affected.
The largest number of jobs will be cut in Switzerland (3,000), while 147 jobs from Credit Suisse's total workforce in Spain are also cut. The global restructuring plan is estimated to affect between 3,000 and 35,000 workers worldwide. UBS has indicated that the workforce reduction is aimed at increasing efficiency, reducing costs and adjusting the organisation to the actual size of the business. The number of job lost could be far higher as Credit Suisse has already said that 8,000 people had stopped working at the bank in recent months.
In Spain, most of the jobs cut will be in investment banking and a smaller number in wealth management business divisions. The restructuring event in Spain has been recorded in the ERM events database Credit Suisse-2023-ES.
Credit Swisse and UBS together hire 120,000 employees worldwide.
Eurofound (2023), UBS, Merger/Acquisition in World, factsheet number 200561, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200561.
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