The Swiss bank UBS is set to launch a reduction in force program in June, according to a report from the Swiss Sunday newspaper. The program will involve five rounds of job cuts, with insiders estimating that around 50 to 60 percent of former Credit Suisse (CS) employees will be let go. Roughly 80 percent of CS employees are expected to be gone by the end of next year, with the planned savings from these measures estimated at 12 billion francs (12.40 billion euros).
UBS had previously announced in August that it would cut around 8 percent of jobs in Switzerland, with costs exceeding 10 billion dollars (9.40 billion euros). Analysts predict that there will be around 30,000 to 35,000 job losses worldwide.
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