Swiss brace for major job losses after Credit Suisse buyout
The $3.25-billion takeover announced late Sunday was mediated by the Swiss authorities to help prevent economic turmoil - Copyright AFP Fabrice COFFRINI Tens of thousands of jobs could disappear in Switzerland following UBSs emergency takeover of its troubled rival Credit Suisse, observers warned Tuesday, as unions demanded a rescue package for banking staff. The news that Switzerlands 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.
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