This bank with more than 1 lakh employees will retrench 35000, even the help of the government did not work?

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image : Twitter


According to a report, Swiss banking group UBS has decided to lay off 35,000 employees of Credit Suisse. This will reduce the number of employees to less than half. Earlier, the Swiss government had rescued the troubled Credit Suisse by providing a bailout package. Credit Suisse has approximately 45,000 employees. Investor fears over Credit Suisse's solvency brought it close to collapse. To prevent this from happening, the Swiss government arranged a massive bailout.

UBS and Credit Suisse have 1.20 lakh employees

Analysts warned that the overlap at the world's two most important banks could lead to massive job cuts. UBS and Credit Suisse have about 1.2 lakh employees. 37 thousand of them work in Switzerland. A report quoting sources close to the companies said that layoffs are taking place. This retrenchment will be done in three rounds. The first phase will be completed by the end of July, the second in September and the third in October.

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