Morning NewsUBS reportedly cutting half of Credit Suisse workforce after merger
UBS is preparing to cut more than half of Credit Suisse’s workforce and about 35,000 jobs, or 30%, of the combined staff of the two banks next month now that the merger deal has closed, according to a Bloomberg report, citing people familiar with the bank. Credit Suisse employs about 45,000 staff and the combined banking group employed about 120,000 when the merger deal closed. The job cuts will take place in three rounds starting in July, the report said.