Credit Suisse was bought over by the UBS Group in June. Post this acquisition, UBS had revealed its intention to reduce headcount in the investment bank’s workforce. As part of this downsizing, UBS has closed the Houston office of Credit Suisse. However, the exact number of employees to be impacted is yet to be known.
The acquisition of Credit Suisse by UBS had raised the latter’s headcount to 1,20,000. The job cuts it was stated at the time, are expected to save UBS about $6 billion over the next few years. Presently, Credit Suisse alone has about 45,000 employees. The plan was to bring down the combined headcount by 30 per cent.
Post acquisition of Credit Suisse, it was revealed that the first of three rounds of layoffs will see some employees of Credit Suisse in London, New York and parts of Asia losing their jobs in July 2023. It was said at the time that the teams involved in managing Credit Suisse’s structured loans to rich customers would not lose their jobs just yet.
In July 2023, 20 per cent of Credit Suisse’s workforce in China had been let go. The wealth management and investment banking divisions were most affected.
In recent times, many of Credit Suisse’s good performers have been poached by other financial institutions, such as Wells Fargo, Deutsche Bank, Jefferies Financial Group and the likes.