UBS also wants to take performance into account when cutting jobs
Published: Sunday, Dec 17th 2023, 14:10
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The reduction of 3,000 jobs following the takeover of CS by UBS should also be based on the principle of meritocracy. Not so many CS employees have made mistakes, said UBS boss Ermotti in an interview with the Sunday newspaper "Le Matin Dimanche".
In an interview with the French-speaking Swiss newspaper, Ermotti admitted that the job cuts were a delicate matter. The most difficult thing will be to dismiss people who are in no way responsible for the downfall of CS.
"We will do our best according to the principle of meritocracy," said Ermotti. This means that performance will also be taken into account. "We will take advantage of retirements, early retirements and natural departures," he continued.
The bank boss also put the cutbacks into perspective: a large proportion of the jobs affected would have been cut even without the takeover because Credit Suisse had lost billions and there was no sign of improvement.
The bank would therefore have had to make drastic cost cuts, which would have cost many jobs. And if Credit Suisse had been taken over by a foreign bank, it would probably have lost even more jobs, said Ermotti.
According to the CEO, scenarios other than a takeover by UBS would also have been conceivable. However, they should have been tackled earlier. "Unfortunately, the situation at Credit Suisse was allowed to deteriorate for too long," he says. In the end, the situation got "out of control".
The new big bank aims to complete the integration by 2026. Around 8.8 billion francs are to be saved in the process.
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