VIENNA (Reuters) – Layoffs as part of Swiss banking giant UBS’s cost-cutting program announced following its takeover of Credit Suisse will take place in five waves this year starting in June, the SonntagsZeitung newspaper reported on Sunday.
UBS declined to comment.
In August, UBS announced its plan to eliminate about one in 12 of its jobs in Switzerland and cut costs by more than $10 billion as it consolidates a rival that collapsed when panicked clients withdrew billions from their accounts.
Most of the cost savings will come from staff cuts, and analysts estimate between 30,000 and 35,000 jobs could be created worldwide.
“In total, 50 to 60% of former CS employees (Credit Suisse employees) are likely to be laid off within five rounds,” SonntagsZeitung quotes a source it calls an insider.
After a first round in June, in which 25-30% of former Credit Suisse employees are expected to be made redundant, further rounds will take place in August, September, October and November, the newspaper said, setting planned savings at 12 billion Swiss francs (13 .2 billion dollars).
($1 = 0.9100 Swiss francs)