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In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.

Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London

☆ UBS will cut 3,000 jobs in Switzerland as it absorbs Credit Suisse
▼ + stars: | 2023-08-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year. “The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement. UBS (UBS) agreed on March 19 to buy Credit Suisse for the bargain price of 3 billion Swiss francs ($3.4 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. UBS posted net profit of $29 billion for the second quarter, reflecting a one-off boost from the acquisition of Credit Suisse at a fraction of its value. It also said it no longer required a 100 billion franc ($114.2 billion) government-backed loan and that Credit Suisse had repaid an earlier loan from Switzerland’s central bank of 50 billion francs ($57.1 billion).

Persons: “, Sergio Ermotti, ” Ermotti, ” Organizations: London CNN, UBS, Credit Suisse, Swiss Bank Employees Association, Credit, ” UBS, Swiss, Switzerland Credit Suisse, Silicon Valley Bank, Signature Bank, Taxpayers, “ Locations: Switzerland, Swiss

☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +6 min

March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.

Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland

☆ Credit Suisse hires Southeast Asia wealth vice chairman
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

Sydney, March 23 (Reuters) - Credit Suisse (CSGN.S) said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. Swiss regulators said it was necessary authorities took action as there was a risk Credit Suisse could have become "illiquid, even if it remained solvent" after a tumultuous period in which the share price tanked and deposits fell sharply. In a statement from the investment bank, Kwong said "the sparks from the merger of two global leaders in wealth management will create enormous potential for clients and private bankers." The UBS takeover is likely to result in major job cuts at Credit Suisse and the Swiss Bank Employees Association said on Monday staff reductions should be kept to a minimum. ($1 = 0.9169 Swiss francs)Reporting by Scott Murdoch in Sydney; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

Reuters Graphics Reuters GraphicsThe Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to an "absolute minimum". The statement underscores the sense of unease in Switzerland, with its reputation as a global financial center on the line. Green Party lawmaker Gerhard Andrey said that Credit Suisse is "such a visible institute". "A few months ago, nobody would have thought that Credit Suisse would fail. "But also that we are upholding the reputation of the Swiss financial centre."

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