Which Super-UBS employees have the worst cards?

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André Helfenstein, 56, head of Credit Suisse (CS) Switzerland, tells his bank’s clients that layoffs at the Swiss financial center are “inevitable”. One of them can be found in the new Superbank UBS. Given the 21,000 employees at UBS and the nearly 17,000 employees at CS – in Switzerland alone – there will likely be mass layoffs as well.

This is the case when more than 30 people are laid off in a company with more than 300 employees. The emergency merger of CS and UBS goes far beyond this dimension. Fear of losing their job therefore affects bank employees.

It can take months for the decision to be made.

According to Klaus Uhl, 53, regional manager of relocation specialists at Rundstedt & Partner, the mass layoffs follow a clear pattern: “At a strategic level, it is important to clarify which parts of the acquired company will be split up or continue independently.” In subsequent operational staffing decisions, the bank should clarify which areas or functions are multi-represented in the newly merged unit and where there are synergy effects that allow the consolidation of duties. This shows how many staff are needed, what new areas of responsibility look like, and whether existing employees are still available.

Superbank UBS is only at the beginning of this process. The merger can take months to complete legally, and the bank’s merger experts can get a clear picture of the conflicts. A long period of uncertainty for employees of both banks. The risk here is that domestic and foreign financial institutions will try to miss out on top talent.

“It is valuable for CS and UBS employees to enable their own networks and test their own market value,” says Uhl. This not only strengthens self-confidence and negotiating position, but also opens up possible alternatives to the current position.

Skills are more important than age or salary

Who has to jump over the knife? First of all, layoffs are expected in administration and IT, as well as bank branches. While in the past a person’s seniority was decisive, today more emphasis is placed on certain skills and competencies when it comes to downsizing. “Of course, interpersonal factors can also play a role,” explains Uhl.

However, the amount of the salary is of secondary importance. “The roles and functions in CS/UBS with repetition are very comparable in terms of pay,” says Uhl. As a result, there will be “winners and losers” on both the CS and UBS side.

“The decision about which employees to leave, reassign to new roles, or take on new responsibilities is not made by the HR department, it is a matter of the managers involved,” says Uhl. Uhl says that outplacement companies have a duty to morally support employees affected by the termination decision and successfully accompany them in their professional redirection, noting that von Rundstedt has no business relationship with CS for this.

Source :Blick