UBS lays off Credit Suisse investment bank staff, closes Houston office: source

UBS Group is laying off employees from Credit Suisse’s investment bank this week in New York, a source familiar with the situation said.

The source declined to specify the scale of layoffs and the specific businesses affected.

On top of the layoffs in New York, UBS has decided to close Credit Suisse’s office in Houston, the person added, asking for anonymity to speak freely on the matter.

The office in Houston used to lead business with the oil industry, which will now be covered by New York, the source added, also declining to specify the number of people affected.

UBS and Credit Suisse declined to comment.

Bloomberg reported about the closure of the Houston office late on Tuesday.

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The job cuts come after UBS closed a government-backed deal to buy Credit Suisse in June. Since the announcement of the deal, UBS has made clear it will reduce the risk of Credit Suisse’s investment bank. REUTERS