UBS brutal CS staff: It’s not just back office workers who should shiver

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Fatalism is spreading among CS employees in various parts of Zurich. What is striking is that even shortly before the start of summer vacation, offices are overflowing. Working from home is apparently not very popular when it comes to saving your own business. Thousands expect to lose their jobs – few can do anything about it.

Its representative, the Swiss Bankers Association (SBPV), has been left in the dark by the new UBS. Still. More and more CS employees are expressing their frustration – SBPV phone lines are heating up. “More than three months later, uncertainty and frustration are also mounting because of such media reports around the world,” says Natalia Ferrara, 40, SBPV’s managing director. UBS doesn’t exactly build more trust with its one-sided communication.

35,000 jobs before the cuts?

That’s why Ferrara has clear demands: “This is why SBPV calls on UBS to seek solutions and communicate with internal and external social partners in this process.”

The Bloomberg news agency said this week that as many as 35,000 workers could be laid off at the new UBS. That means more than half of the CS employees taken over, or about 30 percent of the jobs in the combined major bank.

Blick from the bank says the weather is bad, especially at the headquarters at Paradeplatz. At least 7,000 people are likely to lose their jobs in Zurich alone, according to the Reuters news agency. Elsewhere, even 12,000 jobs are mentioned. Elsewhere, many seem to have come to terms with the fact that they will soon lose their jobs or be among the lucky ones to continue working for the new UBS.

What if the wrong people have to go?

UBS boss Sergio Ermotti (63) steps on the gas. Employees are increasingly afraid of making the wrong decisions. “How do those in charge want to know so quickly which people they really need,” one banker notes. “What if they pick the wrong people?”

Many employees in the back office are likely to be affected by the downsizing in Zurich, where both banks are headquartered. There is a lot of overlap in the areas of risk and compliance. Also, if businesses are shut down, fewer people are often needed to monitor them.

According to Bloomberg, three rounds of mining are planned: in early July, then in September and October. But first it will hit London, New York and Asia, not Switzerland. “UBS no longer wants CS’ investment bank – so London and New York will be largely shut down,” explains Andreas Venditti, 50, an analyst at Bank Vontobel.

Dealers and resellers were also affected

But not only is the back office affected: if most of CS in London and New York is liquidated, there will no longer be a need for dealers or salespeople. “But business needs to be stopped on a regular basis – it takes time,” continues Venditti. The same is true for IT: both systems are currently running in parallel until everything is ported to UBS platforms. Only then can the plug be withdrawn. Many positions are no longer needed.

Currently, CS Switzerland employees still have the best “chance of survival”. But what will happen to him is not yet clear. According to Reuters, UBS’ plans indicate that UBS will take over CS’ domestic business while streamlining operations and cutting costs. Venditti on Blick: “Even if CS Switzerland stays in the team, there will be a reduction.” Because the earning base of CS has drastically decreased.

Only the top 1,200 bankers, possibly executives, will be clear by mid-July. Ermotti announced this at an event this week. On the other hand, tens of thousands of people will continue the summer in the dark.

Source :Blick