Credit Suisse and UBS could cut up to 7,000 jobs to slash costs

 
City A.M. Reporter
UBS is to cut between 3,000 and 5,000 jobs as part of cost-saving measures to offset falling profit, while rival Swiss bank Credit Suisse may announce 1,000 to 2,000 cuts, according to a German newspaper.

UBS plans to shed 900 jobs in information technology, alongside a further 2,000 to 4,000 layoffs in its investment bank and other central functions, Der Sonntag said.

A spokesman for UBS, scheduled to report third-quarter earnings on 30 October, would not comment on the report.

Last week, UBS said final decisions in an ongoing business review have not yet been taken, after a newspaper reported the it was set to axe around 2,000 jobs in information technology.

Credit Suisse said any job losses were part of plans it had already announced at its second quarter results, when it said it would save an extra SFr1bn (£687m) through cost cuts. It has already completed a plan to slash spending by SFr2bn ahead of deadline.