Tamil Nadu Chief Minister C Joseph Vijay's plan to shift to a new office has landed him in the middle of a raging political controversy, with the Opposition alleging irregularities in the tender process. Vijay intends to shift the Chief Minister's Office from Fort St. George to Namakkal Kavingar Maaligai in Chennai to provide more workspace for his staff. According to reports, construction is already underway. Recently, a Rs 5.5-crore tender was floated by the government for the shifting. Levelling the first-ever corruption allegation against the three-month-old government, the Bharatiya Janata Party alleged that the tender had been released a month after construction commenced. Also read: Shoutout To Gen Z, Warning For Rivals In Vijay's First Independence Day Speech "In stark contrast to all the tall claims made by the new TVK government about bringing in transparency to the government tender process, a news article by a leading daily today has openly alleg...
Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.
UBS agreed to buy its rival in a hastily arranged 3-billion-franc ($3.5 billion) fire sale over a March weekend by Swiss authorities afraid that a weakened Credit Suisse would go bankrupt, with speculation rife since about the impact on jobs.
HandelsZeitung said that according to its sources UBS chief executive Sergio Ermotti wants to rapidly get to work on eliminating the huge amount of duplication in their operations.
"The transformation is beginning: in the coming days several hundred Credit Suisse bankers will receive termination notices," said the weekly.
It noted that the Swiss media have speculated about between 30,000 and 35,000 job cuts across the world.
At the end of last year, the two banks had around 120,000 employees between them across the world, including 37,000 in Switzerland.
UBS declined to comment when contacted by AFP.
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