UBS Reducing Costs By US$ 10 Billion
Posted on 09/06/2023
UBS has absorbed Credit Suisse and will now be able to save US$ 10 billion in operating efficiencies. It could mean a reduction in headcount of 30,000 or more finance professionals from the time when Credit Suisse was taken over.
UBS CEO Sergio Ermotti said: “Our analysis clearly shows that a full integration is the best outcome for UBS.” UBS also believes the changes will benefit Switzerland. UBS has a market cap of US$ 87 billion.
Some pensions are planning lawsuits, based on the sale price of Credit Suisse, and the hope that more money can be drawn from UBS. Assisting in the legal matter is proxy advisor Ethos.