Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

UBS, following its takeover of Credit Suisse, is now planning to reduce its workforce by up to 30%, according to a senior manager at the Swiss bank. The bank acquired its Zurich rival for CHF 3 billion ($3.3 billion) as part of efforts by the Swiss government and regulators to avoid a financial system meltdown. However, concerns have been raised over the new bank’s size as it possesses $1.6 trillion in assets and over 120,000 employees globally. An estimated 11,000 jobs in Switzerland could be affected while the bank’s US investment banking arm is also expected to experience job cuts.

UBS is reportedly set to begin talks to terminate a deal that would have given Michael Klein, a prominent Wall Street dealmaker, control of much of Credit Suisse’s investment bank. These reports have raised concerns about the future of the combined bank’s operations both in Switzerland and globally.

In other news:

• The upcoming 2024 US presidential elections are a hot topic after the recent 2022 midterms.
• South Carolina Congressman Ralph Norman has said that Manhattan DA Alvin Bragg and his indictment of former US President Donald Trump are likely to be scrutinized by congressional investigative committees shortly.
• Apple Inc. has succeeded in having a $502 million verdict for patent infringement overturned by a US appeals court.
• OpenAI has taken ChatGPT offline in Italy following intervention by the Italian Data Protection Authority.

(Reporting by Gabrielle Tetrault-Farber; Editing by David Goodman)