UBS to eliminate more than half of Credit Suisse staff, Bloomberg says

UBS Group (UBS) is planning to cut more than half of Credit Suisse’s workforce starting next month, Marion Halftermeyer, Laura Benitez and Myriam Balezou of Bloomberg report. Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, people familiar with the matter told Bloomberg. Staffers have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September and October, the people added. UBS intends to ultimately reduce its total combined headcount by about 30%, or 35,000 people, two of the people said. Headcount at Credit Suisse currently stands at about 45,000 of 120,000 in total, the sources noted.