The layoff carnage is well and truly back on Wall Street. Yesterday, it was revealed that Morgan Stanley was “running layoff scenarios into several thousand folks.”
Now, the Swiss banks are facing similar horrible scenarios.
“UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs… while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported on Thursday,” according to Reuters.
The firm is planning on shuttering 27 offices in Zurich alone.
Swiss paper Tages-Anzeiger daily said the cost-cutting measures are still being hammered out, but would be announced in late July when the bank released earnings details from the second quarter.
As trading desks struggled in the first half of this year, and compensation costs rose as higher salaries became the Wall Street norm, banks are looking for severe cost-cutting measures.