As part of plans for the revamped investment bank, UBS is also considering letting go its own underperforming bankers as it hires top performers from Credit Suisse, two of the people said. Speaking with analysts on March 19, UBS executives said they expect the deal to bring $8 billion in cost reductions by 2027, $6 billion of which would come from cutting the number of full time employees across the firms' operations. U.S. PRESENCE UBS and Credit Suisse, neighbours in their hometown of Zurich, for decades have competed head-to-head for mergers and initial public offerings across the world.