Markets glum over Cyprus, likely new HSBC job cuts

GENEVA, SWITZERLAND – HSBC is reportedly planning new job cuts in large numbers, according to the Financial Times Monday 18 March. The expected redundancies, which could axe up to 5,000 jobs says the newspaper, are part of £1 billion in savings promised last week by bank head Stuart Gulliver. Markets were already down across Europe […]

Credit Suisse to shut 3 branches, cut 150 jobs in Germany

ZURICH, SWITZERLAND – Credit Suisse has now confirmed to two Swiss news agencies that it will be cutting 150 jobs out of 500 and closing three of its 12 branch offices in Germany. Staff were reportedly given the news Tuesday by the bank. The closures and cutbacks are part of a reorganization of its operations […]

Spain faces dramatic cuts in banking staff

GENEVA, SWITZERLAND – Loans on the order of euros 37 billion will be disbursed for Spain in December, the European Union said Wednesday 28 November, but the aid will result in four banks taking dramatic measures to revive the health of that industry, including massive job cuts. Bankia expects to cut 6,000 jobs and NCG […]

Credit Suisse to cut 300 jobs, combine units

ZURICH, SWITZERLAND – Bank Credit Suisse will eliminate up to 300 jobs in Switzerland as part of restructuring measures announced two weeks ago, to cut costs by CHF4 billion by 2015. Employees were informed Friday morning 9 November. Those affected are mainly at management level in Private Clients Switzerland and Private Banking Switzerland, two units […]

UBS confirms job cut leaks: 10,000 to go, with 2,500 in Switzerland

ZURICH, SWITZERLAND – The rumours have been swirling hard for five days, that Switzerland’s largest bank, UBS, would cut 10,000 jobs, more than 15 percent of its work force, and close its investment bank. Tuesday morning 30 October UBS clarified: it will indeed reduce its payroll to 54,000 jobs by 2015 from today’s 64,000 as […]

Siemens to let go 200 of 6,000 Swiss staff

ZURICH, SWITZERLAND – Siemens, German technology company, has announced it will cut 200 jobs in Switzerland, out of its workforce of 5,400. Thelayoffs are in Zurich and Zug. The company is blaming the economic downturn and high franc, as it shifts production work to China. Siemens Switzerland in 2011 had turnover of  EUR 1.21 billion […]

Roche cuts 1,000 jobs in US, adds 80 in Switzerland, Germany

BASEL, SWITZERLAND – Roche Pharmaceuticals in Basel is the latest Swiss pharma firm to announce job cuts, saying Tuesday 26 June that it will be laying off 1,000 workers at its Nutley, NJ site. The company will be creating about 80 new positions in Switzerland and Germany as part of efforts to consolidate its research […]

Merck Serono employees take stance, set possible strike date

GENEVA, SWITZERLAND – Three options have been handed to the owners of Merck Serono by the companies employees, who face either a transfer or in the case of most, the loss of their jobs. The group met Monday evening 4 June and in a vote that was nearly unanimous, 630 people said yes to the […]

HP to lay off 27,000

GENEVA, SWITZERLAND – Hewlitt-Packard, which has its Europe-Africa-Middle East head office in Meyrin, Geneva, announced Wednesday from its head office in California that it expects some 27,000 employees, about 8 percent of its global workforce “to exit the company” by the end of 2014. Details about where the job cuts will take place have not […]

Lufthansa Technik to cut 200-plus jobs in Basel

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BASEL, SWITZERLAND – Lufthansa Technik, a subsidiary of the parent of Swiss, the airline, is going on a strict died, restructuring to focus on just one product. The company will cut 82 of its 302-person workforce as a result. The move comes as a result of the high franc and tough airline market conditions, the […]