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Credit Suisse's 9,000 job cuts are foretaste of UBS takeover amid crisis

The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland

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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.

That’s only the beginning after rival UBS Group AG agreed to buy the troubled bank, according to people familiar with the discussions, with one person estimating the final toll could be a multiple of that number. 

The merger creates significant overlaps. The two lenders together employed almost 125,000 people at the end of last year, with about 30% of the total in Switzerland. 

UBS Chairman Colm Kelleher said it’s too soon to know a job-cut number, but

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First Published: Mar 20 2023 | 8:41 AM IST

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