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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).

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Layoffs Watch '12: Credit Suisse

The Swiss bank is not done with its firings. Credit Suisse, the second- biggest Swiss bank, told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months. The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs. [Bloomberg]