“It will be painful”: Sergio Ermotti paints a bleak picture for CS employees

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UBS boss Sergio Ermotti, 63, said at the Asset Management Association event in Bern, Switzerland, that the takeover of Credit Suisse should happen in just a few days. The question now is how much of the traditional bank will remain after that.

“We will not be able to create employment for everyone in the short term. “The synergies are part of the story,” Ermotti said, according to the Reuters news agency. You have to seriously examine the cost base of the two organizations and come to a sustainable conclusion. “It will be painful,” says Ermotti.

Only former CS boss Ulrich Körner (60) enters UBS’s new management. Ermotti emphasizes that he has no time for experiments. According to finews.ch, Ermotti said, “I should minimize implementation risks and choose people I know are familiar with our approach.”

Thousands of workers will be laid off

There is speculation all around how many people will lose their jobs with the takeover. According to a senior UBS executive, 20 to 30 percent of jobs could be cut, as the “SonntagsZeitung” wrote. This means that as many as 11,000 jobs could be affected in Switzerland alone.

However, most of the 50,000 CS employees worldwide don’t want to wait for a decision: HR managers at CS receive up to 150 resignations per day worldwide. CS is not officially commenting on this issue. However, two independent sources from CS gave Blick the number of approximately 150 layoffs per day worldwide. It was even more so at peak times. (kae)

Source :Blick