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Reuters news agency quoted a Bloomberg News report saying that Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse, or more than half of the bank's workforce, as part of the merger in March.
The affected groups are bankers, traders and support staff at Credit Suisse’s investment banking operations in London, New York and other parts of Asia. Both UBS and Credit Suisse declined to comment on the information.
Credit Suisse had 45,000 employees before it nearly collapsed as investors worried about the bank's solvency forced the Swiss government to arrange a merger.
Last week, Reuters reported that UBS will cut jobs at Credit Suisse's Asian investment bank from next month, with significant cuts at investment banks in China and Australia.
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