UBS to slash additional jobs following take over of Credit Suisse

Banking giant UBS Group AG has been reducing its workforce following the take over of Credit Suisse. The bank is planning another round of layoffs that is expected to impact over a hundred roles, reported Bloomberg. The report further noted that job losses are foreseen in the wealth management and markets sectors.

Job cuts by UBS

The job cuts are slated to occur in the upcoming weeks, unlike the routine performance-based adjustments. However, Bloomberg noted that the timing of the layoffs could change as they are not final.

UBS' employee count increased by around 45,000 to about 120,000 employees after the emergency acquisition of Credit Suisse. Currently, the bank aims to achieve approximately $6 billion in staff cost savings in the upcoming years.

Earlier in January, UBS let go of a group of senior investment bankers and also downsized its staff in the Asia private wealth and investment banking sectors. The bank has shown limited interest in Credit Suisse's investment banking segment since the government-brokered acquisition.

The shares of UBS has also come down following reports of Swiss government proposals to heighten regulatory capital requirements for the bank

Also watch: HSBC to cut 20 more investment banking roles in Asia: Report