Swiss bank Credit Suisse has announced plans to cut 3,500 jobs worldwide. It is currently expected that around 45 per cent of these job losses will be made in UBS Investment Bank; 35 per cent in Wealth Management and Swiss Bank; 10 per cent in Global Asset Management; and 10 per cent in Wealth Management Americas.
These measures are part of a plan to find 2bn Swiss francs (2.5bn US dollars) of annual savings - a target which the bank aims to meet by the end of 2013. The cuts are necessary following a reported 49 per cent drop in quarterly profit, announced by UBS in July 2011. The bank has suffered due to a strong Swiss franc and weak trading.
Headcount will be reduced through a combination of redundancies and natural attrition. The exact number of job losses is subject to employee consultation in each area affected.