Following Credit Suisse's acquisition, UBS will eliminate 3,000 positions.

As UBS acquires Credit Suisse, thousands of jobs will be lost, changing the face of Swiss banking.

In its first results following the acquisition of its faltering competitor, UBS posted a $29.3 billion (£22.8 billion) profit between April and June.

The record profit is due to a one-time boost from Credit Suisse, up from $2.6 billion in the same period the previous year.

However, in order to reduce expenses by more than $10 billion, the combined bank would lay off 3,000 employees over the next few years.

Following intense pressure from regulators who believed Credit Suisse would fail when customers started withdrawing money, UBS saved the bank for $3.25 billion in March.

After a series of issues, including banking collapses in the US, Credit Suisse was left with little choice but to look for a buyer.

The domestic bank arm of Credit Suisse, which generated revenue last year, will be completely taken over by UBS as opposed to being spun off as a separate company, according to the company.

"Our analysis clearly shows that a full integration is the best outcome for UBS, our stakeholders, and the Swiss economy," chief executive Sergio Ermotti said in a statement."

According to him, the integration will happen next year, and the whole migration of clients is expected to be finished in 2025.

(Sources: bbc.co.uk)