The acquisition of Credit Suisse by another Swiss bank, UBS, is expected to lead to the reduction of tens of thousands of jobs worldwide across Credit Suisse’s structures, according to the Financial Times. The financial sector in Switzerland is preparing for the serious consequences of the disputed acquisition, with speculation that up to 40,000 positions may be cut from the combined workforce of up to 120,000 employees.
On 17th March, US shareholders of Credit Suisse filed a lawsuit against the bank and its leadership, accusing them of violating American securities laws. The plaintiffs allege that the Swiss credit institution misled investors by failing to disclose information about internal control vulnerabilities ahead of the current liquidity reduction and drop in the company’s stock value.
Previously, the President of the German Institute for Economic Research, Marcel Fratzscher, warned of the high risk of the merger between Credit Suisse and UBS.