UBS set to cut New York-based Credit Suisse investment bankers

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UBS set to cut New York-based Credit Suisse investment bankers

By Jonathan Easton

03/08/23

Switzerland’s largest bank UBS Group has reportedly cut staff numbers from Credit Suisse's investment bank in New York.

According to a source cited by Reuters the laying off of New York investment bankers was set to take place this week, though they did not specify the scale of the cuts or the specific businesses impacted.

Separately, Bloomberg has reported that UBS has decided to close Credit Suisse’s office in Houston, Texas. UBS will also close its Houston investment banking office. Both offices are oriented around the energy market, with a focus on Texas’s large oil industry.

While the sector will be covered out of other locations, the move raises questions of whether UBS will continue to be so active in energy.

Since completing its shotgun takeover of Credit Suisse, UBS has said that it planned to cut more than half of Credit Suisse’s global workforce of 45,000.

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