UBS Preparing to Cut Over Half of Credit Suisse Workforce (3)

UBS Group AG is planning to cut more than half of Credit Suisse Group AG’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover.

Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said.

WATCH: UBS to cut thousands of jobs at Credit Suisse.

Source: Bloomberg

Staffers have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September ...