The combined UBS and Credit Suisse employees are going through a difficult period, with layoffs looming in 2024. However, some employees are taking the restructuring phase in stride and finding joy in wellness and spending time with old friends. According to a 50-year-old trader, he’s taking it easy at the moment, but still wants to wait and see if a better opportunity comes along. A CS employee who worked in a staff position has found work at a consulting firm and is doing well. An industry expert speaks of complaints at a high level but says unemployment is low and many bankers are highly qualified. Many people who don’t like the situation have already looked around and found good alternatives.
Credit Suisse employees over 50 who have been at the bank for a long time may be feeling particularly anxious about their job security. However, one such employee turned down a job offer from the competition because it offered lower wages and required him to make major compromises with his staggered bonus. Another employee has found work at UBS after being terminated from Credit Suisse, while two others have found positions at other banks. The labor market in the greater Zurich area appears to be absorbing a large proportion of CS personnel.
Social plans that would be negotiated in an emergency would look very different than at CS/UBS, where the backbone of the company was solid. Notice periods of just three to six months are common, and mass layoffs have been rare in recent years. In addition, arrangements are often not publicly announced. The big bank employees are lucky to be in an industry where there is still a lot of money, which allows them to pay for social peace and cushion potential outcry with good money. However, top performers may choose to resign on their own initiative rather than waiting for someone else to terminate them, potentially foregoing continued payment of wages with little work required at the big bank.
The real acid test for those “settled” workers will only come when they need to actively search for jobs towards the end of continued wage payments in 2024.
It seems that not all Credit Suisse employees are as miserable as they claim to be about their employer’s struggles; some have even found new opportunities outside of the company.
Overall, while there may be some challenges ahead for Credit Suisse employees during this restructuring process, it’s important for them to stay optimistic and continue looking for new opportunities as they arise.
