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UBS AG Group (New York Stock Exchange:UBS) laid off a group of senior bankers, according to a media report Tuesday, as the Swiss bank trims its workforce after acquiring former rival Credit Suisse last year in an emergency bailout.
When the acquisition of Credit Suisse closed in June, UBS (USB) headcount jumped to ~120,000. UBS has said it wants to save around $6 billion in staff costs in the coming years.
Several of the senior bank cuts were made last week, Bloomberg reported, citing people with knowledge of the matter. The report, which lists eight bankers who were fired, notes that a UBS (UBS) representative declined to comment.
In mid-December, Bloomberg reported that UBS (UBS) attempted to recover hundreds of millions of dollars in cash bonuses that Credit Suisse handed out to retain dealmakers before the lender collapsed.
