UBS to cut 3,000 jobs after Credit Suisse takeover

2023-08-31 17:19

The Swiss bank reports bumper profits following the rescue of its rival but staff face redundancies.

Thousands of jobs will be cut as UBS absorbs Credit Suisse, in a takeover that is reshaping Swiss banking.

UBS Group reported a $29.3bn (£22.8bn) profit between April and June, in its first results since it bought its struggling rival.

The bumper profit, compared to $2.6bn in the same period...