YBS planned lay off 147 Credit Suisse employees in Spain as part of the post-acquisition restructuring process, which was reported to have affected the majority of investment banking entries Europe Press from sources familiar with the decision. This would imply elimination of almost the entire investment banking workforcewhich includes administrative and asset management personnel.

Thus, Credit Suisse is planning an exit that will also will affect some “back office” and “middle office” functions in the field of asset management will last for a couple of years.

UBS declined to comment on its specific plans or these layoffs. “UBS is fully committed to Spain. Through the acquisition of Credit Suisse, we are now better positioned to accelerate our growth strategy and enhance our ability to improve our offerings to clients,” a UBS spokesperson said.

This move is not surprising, since after the rescue of Credit Suisse UBS it was already announced that integration would imply reduction of both personnel and assets. The decision taken in Spain is not unique, but similar restructuring processes have been carried out in other regions.

Sources close to the organizations reported this. Europe Press that even before the rescue of UBS, those responsible for Credit Suisse warned internally about drop in income and started managing their expenses. In addition, the investment banking division was already experiencing problems with overstaffing due to the downturn in business.

According to the same sources, UBS’s goal is to mitigate the impact on workers, so Some Credit Suisse investment bankers will receive offers to stay at UBS.

The restructuring that Credit Suisse plans to carry out in Spain will not affect the private banking business, which UBS already announced it would retain in June last year. This brings the Swiss bank into a battle with Singular Bank, to which UBS sold its private banking business last year and with which it signed an agreement. non-compete agreement.