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 - Financial service activities, except insurance and pension funding
3,500 jobs Number of planned job losses
Announcement Date
23 August 2011
Employment effect (start)
1 September 2011
Foreseen end date
31 December 2012
Description
Swiss bank Credit Suisse has announced plans to cut 3,500 jobs worldwide. It is currently expected that around 45 per cent of these job losses will be made in UBS Investment Bank; 35 per cent in Wealth Management and Swiss Bank; 10 per cent in Global Asset Management; and 10 per cent in Wealth Management Americas.
These measures are part of a plan to find 2bn Swiss francs (2.5bn US dollars) of annual savings - a target which the bank aims to meet by the end of 2013. The cuts are necessary following a reported 49 per cent drop in quarterly profit, announced by UBS in July 2011. The bank has suffered due to a strong Swiss franc and weak trading.
Headcount will be reduced through a combination of redundancies and natural attrition. The exact number of job losses is subject to employee consultation in each area affected.
Sources
23 August 2011: BBC News Website
23 August 2011: UBS media releases
Citation
Eurofound (2011), UBS, Internal restructuring in World, factsheet number 72295, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72295.
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