UBS prepares to axe more than half of Credit Suisse workforce - reports

Three rounds of layoffs

UBS is preparing to cut more than half of Credit Suisse’s workforce from next month as a result of the takeover of its rival.

People familiar with the matter told Bloomberg that most of the job cuts are expected to affect bankers, traders, and support workers at Credit Suisse's investment bank in London, New York, and several regions of Asia.  Staff have been advised to prepare for three rounds of layoffs this year, with the first one anticipated by the end of July and the other two tentatively scheduled for September and October. UBS completes takeover of Credit Suisse to create global wealth giant  When the merger was completed on 12 June, UBS's combined workforce increased to roughly 120,000. The compa...