Credit Suisse prepares for more job cuts, Financial News says

Zurich: UBS Group is poised to start its next wave of job cuts at Credit Suisse, this time targeting about 10 per cent of support staff, likely in areas such as compliance, risk and marketing, Financial News reported.

The Swiss bank informed employees the reductions will start November 6, the publication said, citing unidentified people familiar with the matter. A UBS spokesperson declined to comment, it said.

UBS is taking over its longtime Swiss rival in a government-orchestrated deal this year and is paring a combined workforce that swelled to about 120,000. Earlier reductions thinned management, as well as bankers and traders in revenue-generating operations.