The Swiss banks UBS and Crédit Suisse are preparing a social plan for their Luxembourg branches.

The ALEBA union confirmed this news to newspaper Quotidien. It is expected that between 65 and 75 jobs may therefore be lost. Negotiations with the trade union should begin next week.

According to information from the union, further redundancies in a second phase next year are not ruled out.

Crédit Suisse employs 400 workers in Luxembourg, while UBS employs approximately 550.