UBS, a leading global financial institution, has announced its plans to undergo a significant restructuring process. In an effort to streamline operations and improve efficiency, the bank aims to reduce its workforce by approximately 30%. This reduction will amount to around 35,000 employees, a substantial figure considering the bank’s current combined headcount of 120,000.

Credit Suisse, another prominent player in the financial sector, is also expected to experience a decrease in its workforce. With approximately 45,000 employees currently, the bank may face a similar fate as UBS.

The impact of these cuts will be felt most heavily in key financial hubs such as London, New York, and certain parts of Asia. Bankers, traders, and support staff within Credit Suisse’s investment bank are likely to bear the brunt of the layoffs. The severity of the situation is such that almost all activities within the bank are at risk.

Employees at both UBS and Credit Suisse have been informed to anticipate multiple rounds of cuts throughout the year. The first round is expected to take place by the end of July, with two additional rounds tentatively planned for September and October.

This restructuring initiative signifies a significant shift within the financial industry, as major institutions adapt to the evolving landscape. The ultimate goal for UBS and Credit Suisse is to establish leaner and more agile operations, ensuring their long-term success in a highly competitive market.

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