Switzerland

The 3,000 job cuts UBS plans to make in Switzerland as it integrates Credit Suisse will be partly based on meritocracy, according to UBS Chief Executive Officer Sergio Ermotti.

In an interview in Le Matin Dimanche on Sunday, Ermotti said: “We are going to try our best on the principle of meritocracy, and use retirements, early retirements and natural departures. It's not 3,000 people at Credit Suisse who made mistakes, probably much fewer.” ...