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Ivan R.* has had an impressive career in the Swiss financial centre. 50+ has been in the industry for over a decade and is currently working as an IT manager at UBS. Prior to that, he worked for other banks and insurance companies, including Credit Suisse. Despite a strong track record: Ivan R. is afraid of his job.
The mega-merger at Paradeplatz is not only causing job anxiety among CS employees. “There is also great uncertainty among UBS employees,” says Natalia Ferrara, 40, Managing Director of the Swiss Banking Staff Association (SBPV). She gets dozens of emails from undecided bank employees every day.
It is still unclear how many jobs will disappear as a result of the takeover. A few days ago, rumors circulated that 20 to 30 percent of all jobs would be laid off. On the verge of 11,000 jobs in Switzerland alone.
Concerns over 50
UBS employees have better cards than their CS counterparts: After all, they work for the bank that set the pace of takeovers and continues to exist. But they will also have to prove internally why they are still the right choice. Older employees, especially Ivan R., fear to be replaced by younger CS colleagues.
But that’s not all: “I recently had lunch with younger, older, more experienced, less experienced internal and external employees,” says Ivan R. “Everyone, without exception, is worried about losing their job.”
Workplace cleaned under surveillance
Many bank employees have already experienced mass layoffs. “We fired 300 people in one week,” recalls R. Banks are particularly picky about layoffs: Anyone who receives the notice is usually escorted to the workplace by security personnel and is only allowed to collect their personal belongings. and immediately after that he has to clear the area. Banks do not want to risk sensitive customer data falling into the wrong hands through frustrated employees.
Ivan R., “I asked my boss, ‘Would you come and see me for a minute?’ I have terrible ideas when I get a chat message that says,” admits Ivan R..
Recruitment freeze in favor of CS staff
Three weeks after the announcement of the CS takeover, the initial shock in the banking center is slowly fading and, despite the uncertainty, something like everyday life is returning to the staff. “I was afraid the big elbowing would start now,” Ivan R says. “Fortunately, nothing like this has ever happened.” Instead, he experiences great solidarity within himself – but also with the CS employees.
It is heard that hiring from different departments is frozen. It is said that vacancies should be filled with CS employees rather than outside recruitment. However, judging by the UBS website, the hiring freeze does not apply across the group: around 300 job postings are currently posted across Switzerland.
People watch with eagle eyes
Despite job anxiety, there is also a sense of optimism among UBS staff. The takeover of CS staff is said to be an opportunity to counter the shortage of skilled workers. Until now, banks had difficulties in finding suitable personnel and had to recruit a large number of personnel from abroad.
And Ivan R. hopes for public support for his professional future: “UBS is under surveillance. He will be careful not to throw out all those over 55. » The anger of the media and politicians would be enormous. Parliament is meeting this week in Bern for an extraordinary session on the bank deal. Thus, the attention is more focused on the UBS bosses.
*Name changed
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.
