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UBS to Lay Off 3,000 Employees As It Absorbs Credit Suisse
Credit: Wibbitz Top Stories Duration: 01:31Published
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UBS to cut 3,000 jobs in Switzerland despite huge profits from takeover of rivalSwiss banking giant UBS has reported a record pre-tax profit of $29bn (£22.8bn) in the latest quarter following its takeover of Credit Suisse.
£55bn withdrawn from Credit Suisse before its rescueCredit Suisse says some 61bn Swiss francs (£55bn) left the bank in the first financial quarter this year.
Deutsche Bank heads new rout for banking stocks on financial marketsGermany's largest bank has become the focus in a new wave of selling across banking and wider financial stocks, less than a week after the forced takeover of Credit Suisse.
Credit Suisse bondholders may take legal action over £14bn wipe out in UBS takeoverA Swiss regulator's decision to prioritise shareholder value over certain bondholders in the forced takeover of Credit Suisse could result in legal action, a law firm has warned.
'2008 for Credit Suisse': Insiders describe 'mismanagement' and 'arrogance' that led to bank's demiseAn employee at Credit Suisse's London office has said many staff are job hunting amid the "disaster" faced by workers due to the bank's shock takeover by rival UBS.
Credit Suisse fails to rule out redundancies but tells staff their bonuses are safeEmbattled Credit Suisse has told its staff there is "no immediate change" to their jobs and it plans to complete bonus payments ahead of the bank's forced takeover by its larger domestic rival UBS.
UBS to take over Credit Suisse, Swiss central bank confirmsUBS will take over Credit Suisse, Swiss authorities have confirmed.
Swiss government to hold news conference on Credit Suisse after UBS takeover offerThe Swiss government will hold a news conference later after UBS made a takeover offer for embattled Credit Suisse, local media reports.
UK regulators back merger of banking giants Credit Suisse and UBSBritish banking watchdogs have given their blessing to a takeover of Credit Suisse by its Swiss peer UBS, as financial regulators around the world race to contain the industry's biggest crisis since..
Chancellor 'welcomes' Credit Suisse £44.5bn lifeline as shares bounce backChancellor Jeremy Hunt has "welcomed" the Swiss central bank's decision to give Credit Suisse a lifeline of 50bn Swiss francs (£44.5bn).
Credit Suisse secures £44.5bn lifeline amid fears of global financial crisisCredit Suisse has said it will borrow up to 50bn Swiss francs (£44.5bn) from the Swiss central bank to shore up its liquidity.
Health of European banks in focus as stocks plunge again over Credit Suisse and rate rise worriesBanking stocks are enduring fresh, steep losses on Wednesday as concern over the health of US banks crosses the Atlantic.
Stocks plunge again over Credit Suisse and rate rise worries putting focus back on health of European banksBanking stocks are enduring fresh, steep losses on Wednesday as concern over the health of US banks crosses the Atlantic.