Thousands of Indian jobs could be at risk following the takeover of Credit Suisse by UBS. Employees working at the banks' technology offices in India may lose their jobs, reported The Economic Times.
Both companies together have 14,000 employees in the technology wing across three cities in India. Many of these jobs will be impacted when UBS starts rationalising its roles and focuses on cost reduction, especially those working at Credit Suisse.
However, Business Standard has reported that Credit Suisse's banking employees in India could benefit from the takeover. The report has claimed that since UBS has smaller operations in India, it is likely to retain most of Credit Suisse's banking employees.
In a deal orchestrated by regulators, banking giant UBS is buying crisis-hit Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.
The UBS-Credit Suisse deal is likely to be completed by the end of 2023.