After private banking and investment banking, the merged UBS began to reorganize group functions and back-end services, research shows. This already applies to Switzerland.
Many internal bank announcements with appointments have been made to UBS these days: after the successful acquisition of Credit Suisse (CS), the large bank has now begun to reorganize the functions of the group, which are mostly located in Switzerland, as well as companies. Centered with a back office. search by finews.ch a result.
Management functions have been redeployed up to the team leadership level (three lines below the Executive Board) in this context. According to reports, no consideration does not mean termination. In this way, the cadres who have not been honored can continue to hope for a higher-ranking job.
Complexity slows conversion
There is another reason why an immediate wave of layoffs at Swiss headquarters and back-office services is unlikely: IT services, for example, whose tasks are very complex, and where perhaps UBS cannot and does not want to lay off knowledge so quickly. However, in the case of other group functions, reorganization appears to be simpler, which means that realities are generated there more quickly.
As a reminder: according to media reports, 35,000 jobs can be lost at the “new” UBS by the end of the year.
It is already becoming clear that the well-known pattern of management and investment bank reorganization is also being repeated in the group’s functions: although ex-CS employees are taken into account, ex-UBS bankers are outnumbered when it comes to distribution of shares. For example, in UBS Communications, as far as we know finews.ch Less than a handful of CS employees got a new job.
Waiting for the Swiss decision
The reorganization that is now also beginning in Switzerland must be distinguished from the actions of the two Swiss companies UBS and CS. The fate of CS Schweiz with its nationwide branch network, business to corporate clients and private and investment banking is likely to be announced at the end of August.
As a special case takes itself here August Hatiki who was recalled by UBS from Singapore to take over the joint bank’s Swiss private banking operations.
Collaboration: Claude Bowman, Samuel Gerber
Are sustainable investments still needed?
Yes, this is a huge trend that will remain.
Yes, but to a lesser extent.
Demand rises and then falls again.
No, demand is declining.
No, sustainable investing is no longer relevant in the new macro environment.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”