Strategy
Swiss Giants Plan Large Job Cuts In 2009 - Report
Both
UBS and
Credit Suisse will cut thousands more jobs this year, Swiss
paper Sonntag said on Sunday.
Although it did not quote sources, the weekly paper said UBS
could shed as many as 5,000 jobs in 2009. The paper said
that UBS reduced its workforce by around 9,000 jobs in 2008 and
that further job cuts could be announced when the bank
reports its annual results on 10 February.
Credit Suisse, which announced it planned to axe 5,300 jobs in
December, will cut by a similar amount in 2009, according to
Sonntag, although a spokesman for the bank said it
currently has no plans to cut headcount further.