UBS to slash 35,000 jobs in takeover of Credit Suisse

UBS plans to cut more than half of Credit Suisse’s 45,000-strong global workforce starting next month.
Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts.
UBS intends to ultimately reduce the combined headcount by about 30 per cent to save $6 billion in staff costs.
UBS hopes to retain most of Credit Suisse's private bankers though many have already left.
UBS will decide in the third quarter whether to fully integrate Credit Suisse's Swiss business or spin it off.