The Swiss Bankers' Union has intervened in the restructuring of Credit Suisse • ForexTalker

The Swiss Bankers’ Union has intervened in the restructuring of Credit Suisse

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The Swiss Bank Employees Association (SBPV) has called on Credit Suisse and UBS to halt any job cuts as part of their emergency merger, according to Reuters.

SBPV CEO Natalia Ferrara has appealed to the country’s parliament to take into account the fate of employees affected by the collapse of Credit Suisse and to stop job losses by the end of 2023.

“We call on you to support our demand for a freeze on layoffs until the end of 2023 in parliament,” Ferrara wrote. “Politicians should not shirk their responsibility.”

The Swiss parliament will meet on Tuesday for an extraordinary session to discuss the state-sponsored rescue of Credit Suisse.

As we previously reported, Credit Suisse’s biggest competitor, UBS, agreed to buy Credit Suisse for CHF 3 billion ($3.31 billion) in a deal organized by the government, central bank, and market regulator.

Many of the approximately 17,000 Credit Suisse employees and 22,000 UBS employees are uncertain about the future. Credit Suisse has a total of 45,000 employees worldwide, and UBS has 74,000 employees.

Today, too much is said about numbers, money, and regulation, but bank employees are left behind.

Last week, UBS CEO Sergio Ermotti warned that there would be changes and difficult decisions after the takeover of CS.

The new giant bank could reduce its workforce by 20-30%, and 11,000 jobs could be cut in Switzerland itself. However, UBS stated that it is too early to talk about job cuts. According to Ferrara, the bank’s employees are not to blame for the need for a rescue of the bank.