Sellside Slasher- Massive Job Cuts at UBS and Credit Suisse

Expecting some interesting news from boys on the buyside regarding CS reports on the 25th

Following story found on Nasdaq

(RTTNews.com) – Swiss banking giants UBS AG (UBS) and Credit Suisse (CS) are planning to announce large-scale layoffs in the coming weeks, Der Sonntag reported.

UBS, which is scheduled to announce financial results next week, will reportedly reduce 3000 to 5000 positions. UBS had said in August 2011 it would reduce about 3,500 jobs as part of its plans to cut costs of about 2 billion Swiss francs annually by the end of 2013.

Credit Suisse is expected to slash 1000 to 2000 jobs. The second-biggest lender in Switzerland had announced 3,500 job cuts last year, which are expected to be completed by the end of 2013, as its investment banking business continued to be weak.

Credit Suisse confirmed in March that it has already eliminated about 2,000 of these 3,500 jobs. The company is slated to report quarterly results later this week.

UBS closed on Friday lower by 2.56 percent at 12.19 francs on 12 million shares.   Credit Suisse shares fell 3.14 percent at 21.89 francs on 6.54 million shares.

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