According to a source familiar with the issue, UBS Group (UBSG.S) is cutting off staff from Credit Suisse’s investment bank this week in New York.
The insider refuses to say how many people were laid off or whose firms were affected.
In addition to the layoffs in New York, UBS has chosen to close Credit Suisse’s office in Houston, according to the individual, who requested anonymity in order to speak openly about the topic.
The Houston office used to oversee business with the oil industry, which will now be handled by New York, according to the source, who declined to identify the number of workers affected.
UBS and Credit Suisse did not respond to requests for comment.
Bloomberg reported late Tuesday that the Houston office was closing. The employment losses come after UBS completed its government-backed acquisition of Credit Suisse in June. Since the deal’s announcement, UBS has made it plain that it will minimize the risk of Credit Suisse’s investment bank.
