Swiss Brace For Major Job Losses After Credit Suisse Buyout
NDTV
Swiss unions were meanwhile demanding Tuesday that the banks and governments launch a broad "rescue plan" for affected employees.
Tens of thousands of jobs could disappear in Switzerland following UBS's emergency takeover of its troubled rival Credit Suisse, observers warned Tuesday, as unions demanded a rescue package for banking staff.
The news that Switzerland's biggest bank will, under pressure from Swiss authorities, swallow up the second-largest has sent shockwaves through the wealthy Alpine nation, renowned for its banks and financial sector.
"Directly or indirectly, tens of thousands of jobs are potentially threatened," the Swiss Trade Union Federation (SGB) warned in a statement Tuesday.
"Many jobs are at risk," the Swiss Bank Employees Association (SBPV) said, warning that the uncertainty facing Credit Suisse employees was "extremely stressful."
