Layoffs Watch '11: UBS, Credit Suisse

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Both Swiss banks are expected to inform thousands their services are no longer required.

Credit Suisse will apparently be eliminating 1,500 people (approximately 3 percent of its workforce), with a third of those cuts coming from the private banking unit. UBS is said to be axing 5,000, for a cost savings of 1 billion Swiss francs (Metro North tickets are still on them).