After the Credit Suisse merger, UBS CEO predicts severe job cuts.
UBS (UBSG.S) CEO Sergio Ermotti warned Friday of severe job layoffs after Credit Suisse’s merger.
We can’t provide jobs for everyone right away. “Synergies matter,” Ermotti told a Bern banking conference.
“We need to take a serious look at the cost base of the standalone and combined organisations and create a sustainable outcome,” he said. “It will be painful.”
Switzerland’s largest bank, which agreed in March to take over its smaller Swiss rival as part of a bailout arranged by Swiss regulators, said it planned to finalize the deal on Friday.