UBS Plans to Slash Half of Credit Suisse: Evening Briefing

Three months after UBS agreed to buy Credit Suisse in a government-brokered rescue—the coup de grâce for its teetering Swiss rival and the European chapter of this spring’s banking fiascoes—the full human price of the forced union has now become clear. UBS is said to be planning to terminate more than half of Credit Suisse’s 45,000 employees. It’s a dramatic drop of the anvil on a financial sector in which Wall Street banks such as Morgan Stanley and Goldman Sachs previously announced thousands of their own firings.

Sergio Ermotti

Photographer: Jason Alden/Bloomberg

UBS, whose combined workforce jumped to about 120,000 when the deal closed, has said it ...