The rushed sale and merger of Credit Suisse into UBS is set to involve around 3,000 layoffs, mainly in the Zurich region, announced UBS this week. The large number of resulting jobseekers in a single industry is likely to make the job search difficult for those losing their jobs. The mood in at the Uetlihof Credit Suisse office in Zurich is depressing, according to various media reports.
UBS has said that there is no other way, reported SRF. The company announced the 3,000 global layoffs on Thursday. Three quarters of the job losses will happen in the Zurich region.
UBS boss Sergio Ermotti said that every job loss is painful. But there is no other way to make the bank stable, profitable and sustainable again, he said.
The 3,000 positions will be eliminated over several years starting in 2024, giving those leaving some time to find new work. Redundancy packages will include 12 months pay. However, with so many people entering the job market competition for new positions is likely to be intense.
SRF article (in German)