Following its emergency takeover of Credit Suisse, UBS is planning substantial cuts in the Asia investment banking sector next month. The restructuring will mainly impact Credit Suisse investment bankers in Australia and China, where overlap between the two banks is most significant. Most of Credit Suisse’s Asia consumer and retail and general industrial group coverage teams are also expected to be eliminated. UBS, however, plans to retain most of Credit Suisse’s technology, media, and telecoms team. UBS management informed employees about the upcoming layoffs on June 20th. The exact number of jobs to be eliminated is yet to be disclosed. Both banks declined to comment on the matter.
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