Many Credit Suisse employees are at risk of losing their jobs as they face upcoming job cuts. Over half of the workforce is anticipated to be affected by the layoffs, especially in the investment banking and trading divisions, as well as the New York and London locations. These layoffs are due to a large overlap of Credit Suisse and UBS employees within these divisions and locations. Credit Suisse was recently obtained by UBS in March as an emergency rescue merger. Credit Suisse experienced a large drop in share values after the Silicon Valley Bank collapsed, and the bank’s acquisition by UBS prevented instability in the Swiss and global economies.
See "The merger between UBS and Credit Suisse results in potential layoffs for Credit Suisse employees", Jeffrey Cane, Business Insider, June 28, 2023