The Swiss Association of Banking Personnel (SBPV) has called on Credit Suisse and UBS to suspend any job cuts as part of their emergency merger, according to Reuters.
SBPV managing director 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 until the end of 2023.
“We are calling on you to support our demand for a freeze on job cuts until the end of 2023 in parliament,” Ferrara wrote. “Politicians should not shirk their responsibilities.”
The Swiss parliament is due to hold an extraordinary session on Tuesday to discuss the government-backed rescue of Credit Suisse.
To remind: UBS, its biggest rival, agreed to buy Credit Suisse for 3 billion Swiss francs ($3.31 billion) in a deal organized by the government, central bank, and market regulator.
Many of the approximately 17,000 Credit Suisse and 22,000 UBS employees are uncertain about the future. Credit Suisse has 45,000 employees worldwide and UBS has 74,000.
Too much is being said about figures, money, and regulation today, but the employees of the two banks are left behind.
Last week, UBS CEO Sergio Ermotti warned that after the CS acquisition there would be changes and difficult decisions.
The new giant bank could cut its workforce by 20-30%, with 11,000 jobs being cut in Switzerland itself. Nevertheless, UBS said it is too early to talk about job cuts. According to Ferrera, the bank’s employees are not to blame for the need for a bailout.