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UBS will lay off more than 100 employees in charge of wealth management

Date: April 20, 2024 Time: 17:13:25

These last few days are framed by position changes. Now, it is the turn of the chief operating officer of the former Swiss bank Credit Suisse, Francesca McDonagh. The entity, in the process of integration into UBS, announced this Monday the departure of its head of operations, as part of the progressive process that will lead to the disappearance of the entity as a brand before 2025.

The executive, CEO of the Bank of Ireland between 2017 and 2022, had held the position since September 2022, when Credit Suisse announced a reform plan that would ultimately not serve to keep the entity afloat, acquired urgently in May of this year. year by UBS to save itself from bankruptcy.

For now, other important positions remain at Credit Suisse, including André Helfenstein as CEO of the Swiss division of the former bank, or Simone Westerfeld as head of private clients, indicated the Swiss economic agency AWP.

On the other hand, the investment banking negotiation in Switzerland will be coordinated by two managers: Jens Haas, from Credit Suisse, and Martin Kesselring from UBS. The entity anticipated at the end of August that the integration of Credit Suisse into UBS will cause the loss of 3,000 jobs in Switzerland: one million in the short term and another 2,000 in the coming years.

However, the question remains as to what the global workforce cut that UBS will undertake will be: the economic media has calculated that the bank wants to reduce it by up to 35,000 workers, mostly from Credit Suisse, which still has 48,000. The banking giant’s workforce emerged from the merger of UBS and Credit Suisse and currently has some 120,000 employees worldwide.

Dismissal of former Credit Suisse employees

The Swiss bank UBS will lay off hundreds of employees in Asia in charge of wealth management due to the slowdown in activity in this sector and in the economy of the ‘Asian giant’.

According to sources familiar with the matter consulted by ‘Bloomberg’, this adjustment will include at least 100 jobs and would follow those undertaken in recent months after the acquisition of Credit Suisse.

UBS will lay off relationship managers in Hong Kong and Singapore, most of whom would come from the former Credit Suisse teams. However, most private banks in Australia and India would retain their jobs for the time being.

The financial institution reported a 9% year-on-year drop in the pre-tax profits of its wealth division in Asia-Pacific during the second quarter of the year.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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