As part of its merger with Credit Suisse, UBS intends to lose a comparable number of positions in Switzerland. However, it also intends to hire as many as 3,000 people in India. On 11 February, the Swiss lender announced plans to increase its presence in Hyderabad by adding 2,000 to 3,000 new jobs in the next few months.As per media reports, UBS’s hiring drive in the city would result in a doubling of the firm’s staff. This news comes as UBS is still working to incorporate Credit Suisse, its erstwhile competitor that it acquired in 2023 with the help of the state, into its operations. The merger initiated a comprehensive reorganisation plan and made UBS the only major banking firm in Switzerland.UBS to Cut 3000 Jobs in SwitzerlandUBS has previously stated that they want to lay off about 3,000 Swiss workers, probably before the end of the year. When asked whether the layoffs in Switzerland were related to the hiring in India, the bank remained mute. Nonetheless, corporate insiders assured the news outlet that no such link existed. In an attempt to minimise the societal impact, Chief Executive Sergio Ermotti has stated that the majority of the Swiss job losses… Read MoreStartupTalky- Business News, Insights and Stories
