Swiss investment bank UBS Group AG is preparing to lay off as many as 36,000 people in the wake of its takeover of rival Credit Suisse — significantly more than first planned, according to a report Sunday.
Citing insiders at the bank, the Swiss newspaper SonntagsZeitung reported Sunday that UBS UBS,
UBS bought Credit Suisse in March for roughly $3.25 billion, after a wave of withdrawals threatened Credit Suisse’s stability following the failures of Silicon Valley Bank and Signature Bank in the U.S.
Separately, the Swiss Attorney General’s Office has opened an investigation into Credit Suisse’s takeover by UBS, Bloomberg News reported, with prosecutors gathering evidence of any possible crimes.
