UBS’s rescue of Credit Suisse is expected to result in the loss of tens of thousands of jobs and a rationalisation of its real estate.
Credit Suisse’s investment banking arm is expected to bear the brunt of the cuts, which could amount to as many as a third of its 120,000 staff.
The bank employs just over 11,000 people in London, with more than 5,000 people at is London HQ, One Cabot Square, E14, most of whom work for the investment banking division.
The takeover is set to complete in the second half of the year.
