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Credit Suisse starts third round of layoffs

London Credit Suisse headquarters

Credit Suisse is preparing for its third round of job cuts, starting in November, targeting 10 percent of support roles.

This is part of its ongoing efforts to streamline its operations following its takeover by UBS.

Sources said the Swiss bank has informed its employees that these reductions will start on Monday, November 6. 

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One key aspect of this restructuring is due to the notable overlap in support teams of the two banks. 

This overlap includes compliance, risk management, operations, and marketing roles. 

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The process of layoffs at Credit Suisse has been carried out in phases since the completion of the UBS takeover in June. 

The initial layoffs primarily impacted its investment banking and capital markets division.

Read More: Citi Reviewing 250 Jobs In London In Global Overhaul

Approximately 200 staff members lost their jobs globally, including 40 in the UK. 

This was followed by a wave of terminations in September that predominantly hit trading and research functions

In a recent round the bank eliminated nearly 254 jobs in New York.

It represents around 9 percent of the total headcount in the city.

However, the scale of reductions at Credit Suisse appears relatively modest compared to earlier predictions of widespread cuts from the $3.25 billion takeover orchestrated by the Swiss government in March.

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Analysts had previously expected job losses of potentially up to 35,000 people, although specific details regarding the timing and extent of these cuts have remained scarce. 

UBS is working towards a cost-saving goal of $10 billion over the next three years.

It's targeting roughly half of this amount for restructuring Credit Suisse's investment banking arm.

In the first half of 2023, about 8,000 employees left Credit Suisse.

The bank will eliminate an additional 3,000 jobs over the next two years in Switzerland.

It’s as part of UBS's efforts to integrate its domestic business and other units in the country.

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