Rumors of imminent wave of layoffs at Credit Suisse
According to information from Bloomberg, almost half of Credit Suisse employees could lose their jobs. The first redundancies are expected to take place as early as July.
For many Credit Suisse employees, the takeover by UBS appears to have resulted in redundancy. The information service provider Bloomberg published a report based on insider information, according to which almost half of CS employees will soon have to leave their posts and the first redundancies will take place in July, with more to follow in September and October. According to Bloomberg UBS is said to be planning to cut up to 35,000 jobs, with employees of the investment bank in London, New York and Asia particularly affected. UBS has not yet officially confirmed this.
Up to 12,000 jobs could be lost in Switzerland
The Swiss Bank Employees Association (SBPV) also has no information from the employers. UBS CEO Sergio Ermotti had announced that the plans for Switzerland would be specified at the end of summer 2023, the SBPV explained in a statement on the report on 28 June: "We therefore do not comment on rumors, even if they come from Bloomberg and can neither deny nor confirm the figures." The SBPV also did not do this when BAK Economics in Basel published forecasts for the imminent reduction of 9,500 to 12,000 jobs in Switzerland. The major changes in the financial center would change the face of Switzerland - this is what worries the SBPV, as the association points out.
After more than three months, uncertainty and frustration are increasing, also due to such media reports worldwide, the SBPV further states and criticizes that "UBS's one-sided communication on the closing and the social plan did not promote trust".
The Association is calling on UBS to work together with internal and external social partners to find solutions in this process and to communicate with the social partners: "This is how we can jointly create the necessary stability for the Swiss financial center." (bw)
