Two Major Swiss Banks Look to Cut Thousands of Positions
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More bad news for Wall Street.
According to Reuters Thursday, both UBS (NYSE: UBS) and Credit Suisse (NYSE: CS) are planning to lay thousands of workers off. UBS is aiming to trim its workforce by about 5,000 jobs, while Credit Suisse is looking to lighten it's load by about 1,000.
With expected combined savings of about 2 billion Swiss francs (1.2 billion at UBS and 800 million at Credit Suisse), or about $2.45 billion, the move reflects continued weakness in the financials.
UBS is expected to make an announcement with it's earnings results on July 26th, and Credit Suisse on the 28th.
UBS currently employs about 65,500; Credit Suisse is at 50,100.
Shares of UBS are trading up about 0.6 percent while Credit Suisse is slightly lower Thursday.
According to Reuters Thursday, both UBS (NYSE: UBS) and Credit Suisse (NYSE: CS) are planning to lay thousands of workers off. UBS is aiming to trim its workforce by about 5,000 jobs, while Credit Suisse is looking to lighten it's load by about 1,000.
With expected combined savings of about 2 billion Swiss francs (1.2 billion at UBS and 800 million at Credit Suisse), or about $2.45 billion, the move reflects continued weakness in the financials.
UBS is expected to make an announcement with it's earnings results on July 26th, and Credit Suisse on the 28th.
UBS currently employs about 65,500; Credit Suisse is at 50,100.
Shares of UBS are trading up about 0.6 percent while Credit Suisse is slightly lower Thursday.
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