UBS Slashes Hundreds of Jobs Across Europe, Middle East, and Africa
Major Layoffs Following Credit Suisse Acquisition
May 29 (Reuters) - UBS Group has eliminated several hundred positions across its operations in Europe, the Middle East and Africa, Bloomberg News reported on Friday.
Background of the Job Cuts
Connection to Credit Suisse Acquisition
The layoffs are the latest wave of reductions tied to the acquisition of Credit Suisse three years ago, the report said. UBS has previously said it expected to lose around 3,000 jobs in Switzerland as it integrates Credit Suisse.
Departments and Roles Affected
Support Staff and Client-Facing Bankers
The cuts mainly affected support staff, although some bankers in client-facing roles were included as well, the report said, citing people familiar with the matter.
Alternative Roles Offered
Some impacted staff were offered alternative roles within the firm, the report added.
Verification and Reporting
Reuters could not immediately verify the report.
(Reporting by Ruchika Khanna in Bengaluru; Editing by Leroy Leo)
