Two Top Firms Said Preparing To Slash Up To 7,000 Jobs

Pair Of Scissors

More job loss speculation picked up by the financial media.

Reuters says that UBS is to cut 3,000 - 5,000 jobs as part of cost-saving measures to offset falling profit, while rival Swiss firm Credit Suisse may soon announce 1,000-2,000 cuts, Der Sonntag newspaper reported.

UBS plans to shed 900 jobs in information technology, alongside a further 2,000-4,000 layoffs in its investment bank and other central functions, the paper said.

Speculation has been rife in Swiss media in recent weeks that the country's two biggest banks will unveil further job cuts alongside quarterly results (Credit Suisse posts on October 25th, UBS the 30th).

UBS employed 63,250 staff as at the end of the second-quarter, Credit Suisse 48,200.

In the meantime, Bloomberg reports that Credit Suisse’s earnings in the third quarter will be eroded by a charge related to the company’s own debt of about $1.08bn.

The bank’s repurchase of some debt instruments during the quarter changed the composition of liabilities that have to be revalued every three months and also impacted the prices of bonds, Zurich-based Credit Suisse said on its website.

Credit Suisse, UBS could cut a total 7,000 jobs - paper

Credit Suisse to Book About $1.08 Billion Charge on Own Debt

image: © Ivy Dawned

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