Management bloodshed: Many high-profile figures now leaving UBS

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UBS announced that it will cut 3,000 jobs in Switzerland to implement the merger with its former rival Credit Suisse (CS). Some were fired, some left of their own volition.

The sudden departure of appointed regional manager Sabine Heller to Lombard Odier clearly shows that executives are also leaving the megabank. The number of managerial departures that the bank does not want has increased, and there is no sign of this trend ending.

Other departures are listed in “NZZ am Sonntag”. Headhunter Klaus Biermann comments: “The competition takes advantage of the opportunities that arise.”

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Nicolas Krügel, head of credit with 27 years of CS experience, will become president of the Cantonal Bank of Geneva in 2024. Corporate client boss Andreas Gerber left the bank in July; destination still unknown. The departure of CS star banker Anke Bridge Haux, who was responsible for online banking app CSX and is now the new boss of Liechtenstein LGT, has been known since the spring.

There are separations in asset management, as there are in corporate banking. And the management carousel is leaving its mark. Because knowledge and continuity are lost. Digitec founder and FDP National Assembly Member Marcel Dobler (43) has publicly stated that he does not yet know whether he will participate in the transition from CS to UBS.

Wage increases instead of wage pressure

The transfer carousel is driven, on the one hand, by the nervous atmosphere within the company and the defensive state in which many senior managers find themselves within the company. On the other hand, there are also larger salary packages. “New employers need to increase salaries by five to ten percent,” says Biermann.

The collapse of CS leads to higher wages, not wage pressure. While senior-level people can expect significant pay increases, those increases could be explosive for IT professionals. However, salaries for middle managers and non-managerial employees come under pressure.

Meanwhile, UBS appears calm. “As with any business combination, some level of employee turnover is common and the number of departures corresponds to our expectations,” says Michael Spiess, head of communications at UBS.

Source :Blick