Bank Employees Association Demands An End To Credit Suisse Job Cuts

Bank Employees Association Demands An End To Credit Suisse Job Cuts by Andrew Blumer last updated on April 17, 2023

Bank Employees' Association Demands An End To Credit Suisse Job Cuts

After the merger of UBS and Credit Suisse, there were rumors that thousands of jobs would be removed. That's why the Swiss Bank Employees' Association recently issued an open letter to Switzerland's parliament.

The leader of the SBPV has demanded a stop to the proposed job cuts, which will lay off thousands of people working at the banks.

In the letter, Natalia Ferrara (managing director of SBPV) has demanded that lawmakers consider the people who will be affected by the Credit Suisse collapse. She also stressed that any planned job cuts would be stopped till the end of this year.

Swiss Parliament To Discuss The Issue Credit Suisse

Within the next few days, the Swiss parliament will hold a meeting to discuss the Credit Suisse rescue.

Just a month ago, a deal was engineered by Switzerland's government in which UBS Bank agreed to buy Credit Suisse. This deal helped Switzerland to stop a full-fledged meltdown of the financial system in the country and even across the globe.

But this deal has put around 22,000 employees of UBS and around 17,000 people working at Credit Suisse at risk of layoffs. All of these employees are not uncertain about their future at these financial institutions.

And these numbers are just from Switzerland alone, and we don't know the exact extent of layoffs on a global scale.

In total, around 74000 people are working at UBS while around 45000 people work at Credit Suisse.

According to Ferrara, the employees who will be effected continue to remain a side note, and that's something that must be changed.

Earlier, the UBS CEO issued a warning that some hard decisions need to take. He made these comments after the takeover of Credit Suisse.

According to estimates, the giant bank plans to cut 20% to 30% of its workforce globally. But when UBS was asked about this issue, it said that it is still too early to make any speculations related to job cuts.