In the meantime, the hot phase of the integration of Credit Suisse (CS) into UBS has also begun in Switzerland. Last Monday marked the start of the second week of job cuts. The main goal is to eliminate redundancies.

The pressure to save is enormous. By the end of 2026, the «last» major Swiss bank aims to achieve cost savings of 13 billion dollars. A significant part of this is to be achieved through the personnel budget.

The UBS management itself has never commented on how many jobs will be lost in total and in Switzerland in particular. Estimates suggest it will be around 3,000. Countless employees from both CS and UBS left the institution last year.

Will the Major Change Come in the Second Half of the Year?

So far, this has hardly been felt in the job market. «Neither in the regular labor market observation by the cantonal Office for Employment nor based on information from member banks have any effects of the CS integration been noticeable so far. Instead, member banks continue to report an acute shortage of skilled workers,» said Christian Bretscher, Managing Director of the Zurich Banking Association (ZBV), to finews.ch.

Christian Bretscher (Image: zVg)

Similar sentiments are expressed by the headhunter Biermann Neff in Zurich. «We don't really feel the job cuts. However, I assume that this could still change over the course of this year,» said Klaus Biermann.

Very Generous

One reason for the current development may be the severance arrangements. Even the Swiss Bank Employees Association (SBPV) describes them as «generous.» Employees under 50 years old can expect continued salary payments between eight and twelve months, depending on years of service. Those over 54 receive their salary for a full year. For those over 58, there is also a severance payment.

Another reason is the labor market, which is apparently still functioning. Institutions such as EFG International or Lombard Odier have taken on entire teams from CS and also from UBS.

«The high level of education and training in the banking sector may also facilitate a sector change for those affected,» Bretscher is convinced. «In this respect, I do not anticipate specific problems with certain job profiles,» he said.

Less Politics and Internal Meetings

According to the ZBV Managing Director, this does not mean that there is a positive outcome for everyone. «In individual cases, losing a job can be a great burden, and finding a new job can be very difficult — especially for employees with specialized tasks or for those who have not engaged in the development of their own professional profile for a long time,» he said.

 Klaus Biermann (Image: zVg)

And Biermann adds: «We are already seeing some former CS or UBS employees today who are having an incredible amount of trouble finding a new job,» said the headhunter. And for all those who have stayed, the pressure has increased: «Now it’s a case of 'deliver instead of talk,' so less politics and internal meetings, but full focus on results. The question, however, is whether this currently applies to UBS.»