UBS Group is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group's global investment bank, Bloomberg News reported on Wednesday.

UBS Group AG (NYSE:UBS) has plans for its next round of layoffs as the Swiss bank continues to reduce headcount after rescuing ex-rival Credit Suisse last year, according to a Wednesday media report.

These layoffs will affect over a hundred jobs and go beyond the routine trimming of underperformers is likely to be undertaken in the coming weeks, but the timing is not yet finalised.

UBS Group AG (NYSE:UBS) is gearing up for another round of layoffs as part of its ongoing efforts to improve efficiency following its acquisition

UBS' takeover of Credit Suisse, biggest bank merger since 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023.

I hope one day those kinds of mergers between big banks will be allowed and we can contribute to that by showing that it’s possible,” Sergio Ermotti said.

UBS Group AG is planning another round of job cuts as the firm continues to trim headcount following its rescue of Credit Suisse, according to people with knowledge of the matter.

The job cuts are expected to affect more than a hundred positions across UBS' global investment bank. Read more at straitstimes.com.