"Swiss UBS to Cut 80% of Credit Suisse Hong Kong Staff"

UBS, Switzerland's largest investment bank (IB), has reportedly begun cutting 80% of Credit Suisse's (CS) workforce in Hong Kong, according to Chinese media.

Chinese local media, including Zhongxin Jingwei, reported that UBS will start reducing CS's Hong Kong staff this week, estimating that only about 20 out of 120 CS employees in Hong Kong will remain after this restructuring. Hong Kong is the region in Asia with the largest number of CS's IB personnel.

The possibility of layoffs had been raised before. Bloomberg reported in June that UBS plans to cut more than half of CS's 45,000 employees within the year, with up to 35,000 job cuts expected. Bloomberg anticipated that UBS's CS workforce reductions would be implemented in three phases: late July, September, and October of this year.

In March this year, UBS entered into an acquisition deal with CS, which was facing financial difficulties due to investment failures and client losses, and completed the acquisition process in June.

[Image source=Yonhap News]

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