2023-04-23 20:05:56
Suisse
The UBS-Credit Suisse union needs more hands
Forced marriage will have a negative impact on employment. But for the time being, the banks are rather looking to hire.
Posted
In the short term, both banks should hire more staff.
Enrico Gastaldello/JW
Next week, Credit Suisse and UBS will publish their quarterly results. At CS, a scary report is expected given all the funds withdrawn by customers. At UBS, it is hoped to obtain information on the form that the new juggernaut will take and on the number of employees who will have to leave due to the merger. According to a survey by the “SonntagsZeitung”, there will be no layoffs for the time being. On the contrary, the two banks should even hire more staff in the short term. At least until the takeover agreement is finalized and the merger is not yet approved everywhere. The official takeover date by UBS is now scheduled for June 30.
CS, independent?
There is another reason which gives hope that there will not be as many layoffs as feared: it was initially expected that between 20 and 30% of all jobs would be lost, i.e. 30,000 in the world and around 11,000 in Switzerland. However, in Switzerland, the restructuring might not be so significant, as scenarios are apparently being worked out on how CS might be separated from the rest of the bank and become independent.
Nothing has been decided yet, however, and apparently CS is nowhere near as profitable as some have claimed. But the threat of political interference and the regulations that would come with a monopoly position also make a separation attractive to UBS management.
(cle)
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#Switzerland #UBSCredit #Suisse #union #hands
