ZURICH, June 12 (Reuters) – UBS (UBSG.S) Chief Govt Sergio Ermotti mentioned on Monday that round 10% of Credit score Suisse (CSGN.S) workers had left earlier than the financial institution sealed its takeover of its former rival.
Reuters and different media reported final month that a whole bunch of Credit score Suisse workers have been resigning every week, amid heightened uncertainty about their future and elevated recruitment efforts from opponents.
“It is true that round 10% of the workforce have already left in the previous couple of months earlier than the takeover,” Ermotti informed Swiss broadcaster SRF.
The 2 banks collectively make use of round 120,000 individuals worldwide. UBS has, nonetheless, already mentioned will probably be slicing jobs to cut back prices and make the most of synergies.
UBS mentioned earlier on Monday that it had accomplished the takeover of its Zurich rival, a deal agreed as a part of a government-orchestrated rescue on March 19.
A determine of 10% would translate into almost 5,000 departures, or greater than 400 per week since Credit score Suisse’s rescue, though Ermotti didn’t say if he was referring particularly to the time between March 19 and the closing.
Whereas reporting its quarterly earnings in April, Credit score Suisse already famous increased worker attrition over the previous 12 months. It mentioned it had simply over 48,000 full-time workers on the finish of the primary quarter, down from 50,480 on the finish of 2022.
Ermotti later informed CNBC that UBS was “at all times sorry to see gifted individuals leaving,” however added the bulk did perceive that UBS can be “a greater place” to work and serve its shoppers and that it has already been in a position to entice outdoors expertise.
UBS additionally introduced administration modifications after the takeover and a spokesperson mentioned that out of 160 senior managers confirmed or appointed, greater than a fifth hailed from Credit score Suisse.
Reporting by Noele Illien and John Revill; Writing by Tomasz Janowski; Enhancing by Alexander Smith
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