UBS is driving the integration of Credit Suisse. The investment bank is likely to be downsized in the first place. According to the Reuters news agency, the big bank wants to make further steps public on Monday.
UBS will announce major changes in the top management of the investment bank, Reuters wrote over the weekend, citing sources familiar with the matter. Not only CS employees, but also UBS top managers are likely to lose their jobs. At the same time, central posts could also be filled with former CS bankers. UBS did not comment on the rumors to Reuters.
According to earlier media reports, hundreds of employees have already been fired as part of the renovation work, and thousands more are likely to follow. Around 30,000 to 35,000 jobs could fall victim to the merger, with over 10,000 CS investment bankers being laid off, according to industry observers. At the end of 2022, the two banks together had over 120,000 employees.
According to Reuters, one of the top UBS executives who could leave the bank is Jeff Rose. He previously headed the Consumer Products and Retail Deals division. Appropriate discussions would also be held with Jon Levin, who was responsible for retail investment banking at CS. And Matt Eilers is also about to leave. He is Head of Financial Sponsors. According to the sources, these possible changes have not yet been decided. (sda/awp)
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