03:11 PM EDT, 09/30/2024 (MT Newswires) -- UBS (UBS) has let go of more than half of Credit Suisse's bankers in Germany following its acquisition of the fellow Swiss lender, Bloomberg reported Monday citing people familiar with the matter.

The redundancies offer a glimpse into the scale of job losses following the merger of the two banks in 2023, the report said.

The headcount reduction was done through a mix of cuts, early retirement and voluntary departures.

Credit Suisse's German unit employed 163 staff at the end of 2021, the report said.

UBS did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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