UBS Cuts About a Dozen US Bankers as Part of Its Credit Suisse Integration

UBS Group AG this week eliminated about a dozen jobs in its US investment bank as part of its integration of Credit Suisse, according to people with knowledge of the matter.

(Bloomberg) — UBS Group AG this week eliminated about a dozen jobs in its US investment bank as part of its integration of Credit Suisse, according to people with knowledge of the matter.

Jeff Rose, UBS’s global co-head of consumer products and retail, and Patrick Dixon, a managing director, were among employees impacted, people with knowledge of the matter said. Rose joined UBS from Deutsche Bank AG in 2018, originally as co-head of mergers and acquisitions in the Americas. Dixon came to UBS from Deutsche Bank in 2019.

Many of those affected were bankers who overlapped in coverage areas, said the people, all of whom requested anonymity to discuss confidential information.

A UBS representative declined to comment.

The firm, led by Chief Executive Officer Sergio Ermotti, is separately cutting hundreds of Asia wealth-management jobs, Bloomberg News reported earlier this month. Since completing the takeover of its Swiss rival in June, UBS has outlined about 3,000 domestic job cuts and more than $10 billion in cost savings.

UBS, whose combined workforce jumped to about 120,000 when the deal closed, plans to cut more than half Credit Suisse’s 45,000-strong employee base, Bloomberg News reported in June.

UBS’s investment-banking unit, which includes the firm’s markets division, will soon be located at 11 Madison Avenue, in New York’s Flatiron District.

Read More: UBS to Move Bankers, Traders to Credit Suisse’s New York Offices

(Updates with employees impacted in third paragraph.)

More stories like this are available on bloomberg.com