UBS preparing for mass layoffs in Credit Suisse Bank! 20-30 percent employees affected

Layoffs in Credit Suisse Bank: The last few months have been a very difficult time in terms of global banking. After America’s Silicon Valley Bank Crisis stalled, its effect started appearing in Europe as well and Credit Suisse Bank Crisis, the 16th largest bank of Switzerland, also sank. After this, Switzerland’s second largest bank UBS (UBS) decided to take over it to restore customers’ trust in the banking system and to keep people’s money safe.

Now a big news is coming about Credit Suisse Bank. At least 20 to 30 percent of the employees can be laid off after the takeover of the bank by UBS. In such a situation, its effect will be seen on at least 36,000 employees working in the bank. According to the report published in Bloomberg, since the takeover of Credit Suisse Bank by UBS, large-scale layoffs were being speculated in the bank. Apart from Switzerland, the retrenchment of 36,000 employees by the bank will also affect the employees of other countries.

11,000 employees will be laid off in Switzerland

According to Bloomberg’s report, only 11,000 employees in Switzerland will be affected by this layoff. Both UBS and Credit Suisse Bank together employ a total of 1.25 lakh people in Switzerland, which is 30 per cent of the country’s total employment. It is worth noting that last month Credit Suisse had decided to lay off 9,000 of its employees even before the acquisition of UBS. In such a situation, after the merger of both the banks, many experts had already predicted that large-scale layoffs could be seen in Credit Suisse Bank in the coming times. Now its clear effect can be seen.

What will be the effect on India

Significantly, a total of 15,000 employees work in Credit Suisse Bank. Ever since the bank’s takeover by UBS, there is an atmosphere of uncertainty in the minds of people working in India. Out of the employees working in India, 5,000 to 7,000 people look after the work of direct operation. While the rest of the employees handle the global IT operation. The bank has offices in a total of 6 cities Mumbai, Hyderabad, Pune, Gurugram, Bengaluru and Kolkata. In such a situation, it is not clear how many employees will be retrenched in India, but this retrenchment will definitely affect the employees of India as well.

Countries affected by global banking crisis

year 2023 Global Banking Crisis started with the collapse of Silicon Valley Bank of America. After this, America’s Signature Bank also sank after a few days. The sound of this banking crisis that started in America reached Europe and Switzerland’s 16th largest bank Credit Suisse Bank also sank.

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