The information is being advanced by the Swiss newspaper Tages-Anzeiger, which is based on the statements of an unidentified UBS manager.Cited by the Reuters agency, the Swiss newspaper reported that the bank could cut around 11,000 jobs in Switzerland alone. But that’s not all, because investment banking is likely to be affected in the US as well. In total, between the two countries, between 20 and 30% of the employees of the new group will be involved. The agreement for the purchase of Credit Suisse was reached after the intervention of the Swiss government, the central bank and the country’s market regulator, to avoid a breakdown in its financial system and bigger problems at a global level.
However, as Reuters recalls, the creation of this new giant also leaves some concerns, taking into account that it now manages assets equivalent to almost 1.5 billion euros (more than seven times the Portuguese annual GDP), employing 120 thousand employees all around the world.
Source: Jornal de Negócios by www.jornaldenegocios.pt.
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