More than 3,000 Credit Suisse employees will be laid off following the bank's integration into UBS, the head of the Swiss banking giant, Sergio Ermoti, said today, advocating a "thorough restructuring".

According to Sergio Ermoti, head of UBS, the decision results in the loss of 1,000 jobs in Switzerland by the end of 2024 and a further "2,000" to be added to the list of redundancies over the next few years as a result of the "restructuring".

Swiss bank UBS announced today its decision to fully integrate Credit Suisse, which it acquired in March.

"Two and a half months after the acquisition of Credit Suisse, we are working hard to implement one of the largest and most complex banking mergers in history," said the UBS chairman in a statement.

In the UBS financial report, Sergio Ermotti also explained that the two entities "will operate separately until the legal integration in 2024" and that "the Credit Suisse brand and operations will continue until the gradual migration of clients to the UBS system is completed", something that should be completed in 2025.

At the same time, Credit Suisse indicated this morning that it had suffered a loss of 9.3 billion Swiss francs (9.7 billion euros) in the second quarter of this year, due to the collapse of part of its activities, linked to uncertainties about the bank's future.

On the contrary, UBS announced a record net profit of 29.9 billion dollars (27.4 million euros) in the second quarter of 2023, seven times higher than in the same period last year.

UBS said it expects to save 10 billion dollars (9.2 billion euros) by the end of 2026, thanks to the merger with Credit Suisse.

The bank, which was struggling with serious financial problems, was sold for 3.1 billion euros to UBS in March, when it was worth more than seven billion euros on the Swiss stock exchange. (Lusa)