UBS saved Credit Suisse, but thousands of jobs in India are at risk: Report

Although Union Bank of Switzerland (UBS) may have rescued crisis-hit rival Credit Suisse from the brink, various reports suggest that thousands of Indian jobs could still be at risk inspite of the deal. Jobs of employees working primarily at the two bank’s India technology back-offices are likely to be most vulnerable, as UBS on Sunday announced its plans to cut costs of the combined business by about $8 billion by 2027, which is nearly half of what Credit Suisse spent last year.

“India & Pune are likely to be hit by the merger as most of jobs are backend operation jobs & likely to have duplication with #UBS,” Vinit Deo, Founder of financial advisory firm Posiview Ventures, tweeted. He pointed out that Credit Suisse India headcount is approx 15,000 — which is 25 per cent of their global workforce.