The UBS qualifications rating states “improving needs” for those who are unsatisfactory. Score 2 out of 5.
Judgment puts pressure on career opportunities and results in lower rewards. It will now mainly affect bankers from Credit Suisse, the new UBS subsidiary.
Those affected will hear from their bosses that the old CS rating system does not match UBS's, says an insider.
This tends to classify employees better than is the case with the UBS approach.
UBS did not wish to comment. It was clear from within the bank that there was no systematic deterioration in the situation of CS personnel.
Their qualification system is called “Performative”. It includes what is called a 360 degree evaluation.
Not only the supervisor's perspective, but colleagues and even strangers also contribute to the performance evaluation.
Despite the losses, the CS paid its people bonuses and honorary wages. At least those who managed to present themselves as indispensable.
This was probably the least of what happened at UBS. Accordingly, the demotion of computer science students would not be surprising.
But if “ordinary people” fall into customer service, this would reinforce the impression that customer service employees are treated as second-rate bankers under continuous integration.
Wages and bonuses are the deciding factor in calculating the profits of the new financial giant.
This item will be the focus of attention in tomorrow's 2023 numbers presentation.
UBS leadership wants to save a total of about $8 billion in personnel costs. That would be the equivalent of eliminating many more jobs than previously announced.
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