UBS Reduced 10,000 Jobs Since Buying Credit Suisse in 2023 March with 2024 December Headcount at Around 108,000, Reported $867 Million Profit for 2024 with Global AUM at $4.2 Trillion
5th February 2025 | Hong Kong
UBS has reduced more than 10,000 jobs since buying Credit Suisse in 2023 March with 2024 December headcount at around 108,000. In the latest 2024 annual results, UBS has reported $867 million profit for 2024, with Wealth Management APAC AUM at $665 billion & Global AUM at $4.2 trillion. In 2023 March, UBS (the largest bank in Switzerland) has announced to acquire 167-year-old Credit Suisse for $3.24 billion (transaction to close end 2023) with $5.4 billion in losses guaranteed by Swiss Government in the latest casualty of the 2023 Banking Crisis (Silicon Valley & Signature Bank, First Republic Bank averted a collapse). Over the last 3 years, Credit Suisse had been hit with numerous lawsuits and losses, including from $120 billion Archegos family office, $10 billion Greensill supply-chain fund and ongoing billion-dollar lawsuit by former Georgia Prime Minister Bidzina Ivanishvili for losing $1.27 billion & failing to safeguard his investments. 15 years ago in 2008, UBS was bailout by the Swiss Government ($6.1 billion, $66 billion in guarantee for bad securities) after recording CHF 20 billion losses (United States Subprime – Real Estate funds & derivatives), and subsequently investigated by United States authorities for helping American clients to evade tax. Key Facts: On 19th March 2023 (Sunday), the Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. UBS will be the surviving entity upon closing of the merger transaction. All shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Credit Suisse’s Additional Tier 1 Capital (deriving from the issuance of Tier 1 Capital Notes) in the aggregate nominal amount of approximately CHF 16 billion will be written off to zero. For the purpose of a seamless integration of Credit Suisse into UBS, UBS is expected to appoint key personnel to Credit Suisse as soon as legally possible. The merger is expected to be consummated by end of 2023. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity. Swiss Emergency Ordinance: In consideration of the unique circumstances affecting the Swiss economy as a whole, the Swiss Federal Council is issuing an emergency ordinance (Notverordnung) tailored to this particular transaction. Most importantly, the merger will be implemented without the otherwise necessary approval of the shareholders of UBS and Credit Suisse to enhance deal certainty. More info on UBS acquiring Credit Suisse below.
“ UBS Reduced 10,000 Jobs Since Buying Credit Suisse in 2023 March with 2024 December Headcount at Around 108,000, Reported $867 Million Profit for 2024 with Global AUM at $4.2 Trillion “
UBS Reduced 10,000 Jobs Since Buying Credit Suisse in 2023 March with 2024 December Headcount at Around 108,000, Reported $867 Million Profit for 2024 with Global AUM at $4.2 Trillion
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