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UBS plans to cut 180 jobs in Italy, representing about one-third of its workforce in the country. The majority of the reductions will occur at UBS Europe SE’s Italian division, with 18 positions eliminated at UBS Fiduciaria. While global wealth management roles will be impacted, corporate advisory and front office positions will remain unaffected, and investment banking operations are not expected to be impacted. UBS emphasized its commitment to Italy as a key area for future growth.
Mr. John M. Fuchs, a Glenside native and Abington High School graduate, passed away on March 22 at the age of 75. A retired vice president of Credit Suisse, he previously served as assistant treasurer of New Jersey and worked in various financial and communications roles throughout his career. Visitation will be held on April 3, followed by a funeral mass at St. John Chrysostom Catholic Church in Wallingford.
The documentary "Game over - the fall of Credit Suisse" has garnered significant attention, attracting around 13,000 viewers in its opening weekend, with 11,000 admissions in German-speaking Switzerland alone, placing it second in popularity. Accompanying the film, investigative journalist Arthur Rutishauser's non-fiction book has reached the top of the bestseller list, further highlighting the public's interest in the subject.
UBS plans to cut 180 jobs in Italy, representing nearly a third of its workforce in the country, primarily affecting asset management and the securities business. This decision follows the bank's acquisition of Credit Suisse and is part of a broader cost-cutting initiative aimed at saving $13 billion by 2026. Investment banking roles will remain unaffected for now.
UBS Group AG has successfully integrated Credit Suisse units in India, enhancing its operational capabilities. The company is structured around four main businesses: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). By the end of 2024, UBS managed USD 745.8 billion in deposits and USD 580 billion in loans.
BNP Paribas Asset Management has appointed Jeff French as head of investor relations for private assets in Asia-Pacific, effective immediately. Based in Singapore, he will oversee private asset growth and client relationships, reporting to CEO Mike Nikou. French brings 15 years of experience in emerging and developed markets, having previously held senior roles at OMERS Private Equity, Blackstone, Goldman Sachs, and Credit Suisse.
UBS has announced the redundancy of 180 jobs in Italy, affecting 18 employees from UBS Fiduciaria and 162 from other divisions, just weeks before the merger with Credit Suisse. Unions are demanding a meeting to discuss reducing layoffs and ensuring job protection measures, emphasizing that staff cuts should not be the primary solution during organizational changes. UBS maintains that Italy remains a key market for future growth and is aligning its business model accordingly.
UBS has announced plans to cut 180 jobs in Italy, representing about a third of its workforce in the country. The majority of the reductions will impact the Italian arm of UBS Europe SE, with 162 positions affected, while 18 jobs will be eliminated at UBS Fiduciaria. Centralization of functions is driving these cuts, although investment banking and corporate advisory roles will remain unaffected.
UBS has announced plans to cut approximately 180 jobs in Italy, representing about a third of its workforce in the country. The majority of the reductions will occur at UBS Europe SE's Italian branch, affecting 162 of 568 positions, while UBS Fiduciaria will see 18 jobs eliminated. The cuts will focus on group functions and global wealth management, excluding investment banking and front office roles.
UBS plans to cut nearly 30% of its workforce in Italy, amounting to 180 jobs in wealth management, group functions, and securities custody. This move is part of a broader cost-cutting initiative following the acquisition of Credit Suisse, aiming to save around $13 billion by 2026. While investment banking remains unaffected for now, experts predict tens of thousands of job losses overall.
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