CS employees open the package: “No one will be fired anymore because too many people are defecting.”

This affects people lower in the hierarchy, who know full well that the new UBS will not accommodate all employees. But the same goes for experienced management people who suddenly have less experienced superiors who openly admit it, as said by a senior CS employee to whom this happened.

Many people resign on their own initiative

What is particularly painful is that some appointments are made without anyone even attempting to talk to the previous incumbent. This affects the morale of former CS employees. Especially since many people have not forgiven UBS Chairman Colm Kellerher (66) for the “cultural filter” CS employees have to pass through if they want to move to the new UBS.

The problem: In some parts of CS, a “toxic risk culture” actually prevailed for years, contributing to the bank’s collapse. However, it was not a brilliant success as UBS management put all CS employees under general suspicion in this regard.

This statement alone caused CS employees to resign on their own initiative; because they did not want to help break up the once proud, traditional bank. Most of those who book another job have already left CS.

Does UBS have everything under control?

The bloodshed is now so great that it could be dangerous for the continued operations of UBS subsidiary CS: “No one is being laid off right now because too many people are defecting,” the manager says. Because as long as CS’s IT systems still work, we need people to run and maintain them. The same applies to processing payment transactions.

There’s even a calculation behind these departures: “Savings plans take care of themselves, as many people leave jobs on their own initiative.” The manager’s conclusion: “Everyone acts as if they have the situation under better control than they actually do.”

Sergio Ermotti doesn’t want to know anything about this. When Blick asked whether the wrong people were leaving the bank, the UBS boss said: “With a big takeover like this, people who choose to stay can always leave.” But there is still enough talent at both banks.

Apprentices feel insecure

UBS appears to have realized the gravity of the situation: the bank has so far invested $500 million in advance payments to staff in cash and shares, the quarterly report shows. Where and to whom – the bank remains silent on this issue.

The wave of layoffs also spread to apprentices: “Our vocational instructors resigned. This creates uncertainty for us students,” explains a young woman. The disappointment is already deep: “I don’t want to stay at UBS when I finish my apprenticeship. As a former computer science student, my chances of finding a job are probably worse. “We are UBS’s second priority.”

Most of those who remain are keeping their fists in the bag: “In CS, people sit and wait to be thrown out. Most of them can’t afford to leave,” says a project manager who now works at another bank. Anyone who leaves must pay back some of the bonus from the last few years. Only a few “big figures” were to be purchased; The “little” ones would have to pay for it themselves.

Call of Duty

We hear in many places in CS that motivation is in the basement, hours of work just being served. “This is poison for the bank,” thinks one released management member. “The strengths of CS are only partially embraced by UBS. Conclusion: Many people do their job by the rules.” This is extremely dangerous.

UBS currently needs highly motivated employees to clean and install the new UBS; Ideally, Switzerland will never have to bail out a major bank again.