UBS to cut Credit Suisse investment bank staff in Spain

UBS is cutting nearly half of the staff it inherited from Credit Suisse in Spain in the latest restructuring since the bank took over its fallen Swiss rival earlier this year.

Some 147 jobs from among the 350 people employed by Credit Suisse in Spain will be cut, UBS said on Wednesday (Oct 25), with the large majority going from its investment bank.

The remainder of the Credit Suisse investment bank staff in Spain will move over to UBS in the coming months, it added.

A small number of jobs will also go in the wealth management business, UBS said, although it did not give a full breakdown.

Analysts have estimated that up to 35,000 jobs could be cut from the combined bank’s workforce of 120,000 after the US$3.35 billion takeover of Credit Suisse.

The combination in Spain will mean a big expansion in the UBS business, where it currently employs around 100 people, lifting it to around 300 staff in the country.

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UBS said it remained committed to wealth management, investment banking and asset management in Spain.

“With the acquisition of Credit Suisse, we’re now even better positioned to accelerate our existing growth strategy and deepen our product capabilities to further enhance our offering to clients,” a UBS spokesman said. REUTERS