Tens of thousands of bankers are in line to lose their jobs following the £2.6billion rescue of Credit Suisse by UBS.
Fears are that as many as 40,000 jobs could go, as UBS looks to cull overlapping roles and reduce Credit Suisse’s investment bank.
Collectively the new group employs more than 120,000 people – Credit Suisse has 50,000 staff, while UBS employs 74,000 workers.
Up to a third of these jobs could be gone, with Credit Suisse’s 17,000 investment bankers expected to feel the brunt of the losses.
The fallen Swiss banking giant employs 5,000 at Canary Wharf, and UBS has 6,000 at Broadgate in the City.