The controversial deal to merge the two and prevent Credit Suisse from going under was brokered by the Swiss government last year after losses at the CS investment banking arm.
UBS said today that it is aiming for cost savings of $13 billion, up from the $10 billion previously expected.
Thousands of City jobs will go. Credit Suisse has or had - 5000 UK staff mostly at Canary Wharf while UBS has 6000 mostly at Broadgate in the City. It is understood that staff are in talks on redundancy terms.
Across the Square Mile, bankers are nervous for their jobs as a dearth of deal-making and new stock flotations hits revenues.
One estimate last week predicted there were 60,000 job cuts across world banking in 2023, making it one of the worst years since the 2008 financial crash.
Yesterday CMC Markets announced that 200 jobs would go -17% of its total headcount.
Bu hikaye Evening Standard dergisinin February 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Evening Standard dergisinin February 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Why are England wasting time waiting for Tuchel?
Winning the World Cup is the aim, so the new boss should start now
He's been shot, and punched by Mike Tyson, but British boxing's great survivor is back on top and aiming to rule the world
This is where the magic happens,\" reads a big neon sign scrawled across the entrance to the offices of arguably the most powerful man in British boxing today.
How Sketch went from 'obscene' to era-defining
After arocky start, the glamorous and infamous restaurant is now an institution
Money is worth less than time'
He's quit Fendi, but what will Kim Jones do next?
London's Roman Amphitheatre
Guildhall Yard, EC2V
Liberals didn't notice they'd lost relevance in the all-consuming digital sphere
There are many reasons why Donald Trump might have won the election last week.
Do we have to die?
One neuroscientist thinks the answer is no
How to have a magical Christmas in Edinburgh
From cosy cobblestone streets to abundant Yuletide goings-on, few cities rival the Scottish capital in creating Christmas whimsy.
London's best festive restaurants
The social season is upon us once more. These are the city’s most coveted Christmas venues, which need to be booked soon so as to not miss out on the tinsel and tipples.
Rag'n'Bone Man
I struggle with being recognised... I'll never really feel comfortable with it'