Too Early To Tell On Job Cuts, But Will Be A Significant Number: UBS Chair Kelleher

Even before Credit Suisse Group AG’s government-brokered takeover, the Swiss lender was in the process of cutting 9,000 jobs in an effort to save itself. 

Though, according to UBS Chair Kelleher, "its too early to comment on the job cut numbers," but he claims that the number will be a significant one.

Both USB and Credit Suisse together constituted almost 125,000 people by end of last year and 30% of its staff was from Switzerland.

News Media agency Bloomberg reported that last Sunday UBS in a statement told that both companies had decided to cut the combined company’s annual cost base by more than $8 billion by 2027, which constituted almost half of Credit Suisse’s expenses last year. 

The UBS chairman said he understood the coming months would be “difficult” for Credit Suisse staff and promised UBS will do what it can to keep the uncertainty as short as possible.