Reuters
The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager. UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in the country's financial system. Jobs in its U.S. investment banking arm will also be affected, the report said, with UBS set for talks to terminate a deal that would have given Wall Street dealmaker Michael Klein control of much of Credit Suisse's investment bank.