UBS to Cut 3,000 Staff in Switzerland After Buying Rival Credit Suisse

UBS Group AG plans to slash about 3,000 jobs in its home market as it seeks to cut billions of dollars in costs after buying rival Credit Suisse.

It would be next to impossible to extract savings from the takeover “without going through people and headcount,” Chief Executive Officer Sergio Ermotti said in a Bloomberg TV interview. In Switzerland, “we will have around 3,000 jobs that will be made redundant over the next years.”