2023-07-23 14:51:04
Zurich (awp) – After the takeover of Credit Suisse by UBS, it is now a question of concretizing the plans for savings and job cuts. Executives on the 3rd floor of management under group leadership have had to prepare plans in recent weeks to determine how to do without 30% of the employees of the new joint entity, the Sonntagszeitung reported.
Executives from the two banks drew up the lists of job cuts (“Reduction in Force” RIF) in September. According to the Sunday newspaper, it will not only be CS employees who will lose their jobs, but also UBS employees. Concretely, the employees of the bank with the two veils will be more affected than those of the bank with the three keys, indicated an employee at the Sonntagszeitung.
In addition, a savings program will be implemented to reduce costs such as expense reports, travel, software licenses and consultants. Executives were asked to find savings in the range of 10-20%.
For the moment, UBS has not materialized its reduction plans following the official resumption of CS on June 12. Various media have speculated regarding the loss of nearly 30,000 to 35,000 jobs worldwide. At the end of 2022, the two banks employed a total of 120,000 people. Meanwhile, thousands have left the institute.
New attempt to sell the Uetlihof building?
In terms of real estate, it is clear that the new big bank will empty its building at the Uetlihof in Zurich, according to the Sonntagszeitung. CS employees who worked there for investment banking or corporate client advisory will largely be moved to the UBS building in Opfikon.
UBS will have to find a new tenant for the Uetlihof building, otherwise it might cost nearly half a billion Swiss francs. CS had sold the building to the Norwegian state fund in 2012, but was still committed as a tenant for ten years.
According to the Sunday, UBS will try to convince the City of Zurich to buy the building. Last year, this transaction had failed: the city council had refused the credit of 1.2 billion Swiss francs for the purchase of this office complex.
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