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According to UBS boss Sergio Ermotti, every tenth employee of the purchased CS turns their back on the bank. “It’s true that about 10 percent of the workforce left in the last few months, even before the takeover,” he told Swiss television SRF on Monday’s midday edition of “Tagesschau”.
So now is the time for UBS to start integrating CS. According to Ermotti, there are advantages to the fact that many people decide to leave voluntarily. “It helps alleviate some of the social costs, which pleases us,” the CEO said. Also, a large number of staff departures indicate competition. “And there are people willing to hire employees.”
Set of “Red lines”
When asked about the “red lines” described in the media that UBS says impose restrictions on CS employees on their business activities, Ermotti said, “We only follow what we have announced before. This means that the bank is run according to the culture and risk-taking philosophy that characterizes UBS.”
For the boss, the last takeover today, Monday, is an important step that makes working much more efficiently. “For example, we have access to all the CS information we didn’t have until yesterday. So we can start the integration work as well.” (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
