The Swiss Times - Swiss News in English

UBS will let go of half of CS employees this year

  • By The Swiss Times
  • 28 June 2023
One of the biggest questions in the wake of the UBS-CS shotgun merger has been how many jobs will be lost. According to UBS insiders, about 50% of former CS employees will be cut loose this year.
UBS will let go of half of CS employees this year
Protesters demonstrate at the last, annual shareholders’ meeting of Credit Suisse in April (Keystone SDA).

(Keystone SDA) About half of the former Credit Suisse employees will be let go in the completion of the state-backed shotgun merger of UBS and CS, according to UBS insiders who spoke with Bloomberg News.

According to the report, a first round of dismantling is to take place as early as July, with further rounds in September and October.

Investment bank employees in London, New York and Asia are particularly concerned about losing their jobs. Specifically, a total of 35,000 jobs are on the chopping block. UBS declined to comment on this to Bloomberg.

The fact that there are job cuts due to the emergency takeover of CS by UBS is not new, however. Such a situation cannot be avoided, UBS CEO Sergio Ermotti has said several times. However, the reduction has not yet been quantified.

Ermotti has also been convinced that a large part of the downsizing can be handled through fluctuations and retirements. At the same time, the UBS boss promised a generous social plan in the event of layoffs. For example, after the takeover of CS, UBS recently aligned the benefits of the social plans of both banks. This is intended to ensure that employees who are affected by the downsizing are treated equally – regardless of whether they come from UBS or CS.

This article was reprinted with permission from Keystone SDA.

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