الثلاثاء, مارس 21st 2023
As many as 12,000 Swiss bank employees may lose their jobs this year as a result of UBS purchasing Credit Suisse for CHF3 billion, according to a report (German) from Basel economics consulting firm BAK.
UBS chair Ralph Hamers said in a press conference Sunday that the newly merged bank will trim about CHF7.4 billion in cost savings by 2027 – about CHF6 billion are expected to come from staff reductions.
While the “takeover of Credit Suisse by UBS averts greater damage to the Swiss economy,” the “negative effects remain largely limited to the banking sector,” the report says.
Switzerland’s two largest banks employ about 37,000 full-time bank employees in Switzerland, with about 16,700 at Credit Suisse and about 30,000 at UBS. It is expected that with the merger many roles will now be redundant, requiring the “monster bank” to make layoffs.
BAK estimates that 9,500 to 12,000 roles will be considered unnecessary by the time the merger is complete – or about one-third of the existing full-time jobs at the two banks. Most of the employees on the chopping block are in canton Zurich – about 6,500 to 8,000.
That said, the BAK report emphasizes that Switzerland’s unemployment rate will not see a huge increase as that number represents less than 1% of Switzerland’s full-time positions.
“Tens of thousands of jobs outside of the banking industry would potentially be at risk,” according to the Swiss Bank Employees Association (SBEA). Credit Suisse and UBS indirectly support employees in the cleaning industry, building maintenance and catering professionals.
“Hundreds of jobs are at stake, and it will be a matter of limiting social cuts,” Geneva’s Economics Minister Fabienne Fischer told SWI SwissInfo.
The SBEA is calling for the creation of a special task force to help fired employees, especially those 55-year-old and older to find new jobs. The BAK report notes that many affected employees will land on their feet considering that the Swiss labor market is already short skilled workers.
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