UBS-CS merger. Sergio Ermotti announces layoffs

Since the announcement of UBS’ acquisition of Credit Suisse, there has been speculation about many job losses. UBS President Sergio Ermotti has now confirmed that he will go this far.

As expected, the acquisition of Credit Suisse by UBS will result in many job losses.

We will not be able to create jobs for everyone in the short term. He said According to the Reuters news agency, UBS President Sergio Ermotti at an event in Bern.

30,000 jobs are threatened worldwide

These cuts will be “painful”. “When the dust settles, it is best for our customers, our shareholders and our people that the positions are filled by the best people.” Only former CS boss Ulrich Korner will be included in the new management.

It is not known how many jobs will have to be cut. Some estimates assume that up to 30,000 jobs could fall victim to the merger of the two banks, 11,000 of them in Switzerland.

Resignation instead of dismissal

However, many employees seem to want to prevent their termination. like “appearance” mentionedCredit Suisse currently receives up to 150 cancellations per day. The number was previously higher.

The bank’s sheer size is a problem, some experts say afraidErmotti denies: “I don’t think we are too big for Switzerland,” he said. In banks, “size matters.”

Ermotti took over UBS again just this past April. He held the position of Managing Director of the Bank from 2011 to 2020.