EyeOfPaul/iStock Editorial via Getty Images
UBS Group AG (NYSE:UBS) laid off a group of senior bankers, according to a Tuesday media report, as the Swiss bank trims its workforce after acquiring ex-rival Credit Suisse last year in an emergency rescue.
When the Credit Suisse takeover closed in June, UBS’s (UBS) headcount jumped to ~120K. UBS has said it wants to save around $6B in staff costs in the years ahead.
Several of the senior banking cuts were made last week, Bloomberg reported, citing people with knowledge of the matter. The report, which listed eight bankers who got axed, noted that a UBS (UBS) representative declined to comment.
In mid-December, Bloomberg reported that UBS (UBS) sought to claw back hundreds of millions of dollars in cash bonuses that Credit Suisse handed out to retain dealmakers before the lender collapsed.