- When cutting jobs at UBS, individual benefits and performance should also be taken into account, says UBS President Sergio Ermotti in an interview with Le Matin Dimanche.
- The hardest thing, Ermotti said, is firing people who are not responsible for CS’s demise.
In an interview with the Westschweizer Zeitung newspaper, UBS CEO Sergio Ermotti admitted that job cuts were a sensitive issue. “We will do our best, according to the principle of merit,” Ermotti said.
Performance should also be taken into account. He continued: “We will benefit from retirement, early retirement and natural departure.”
legend:
Major Swiss bank UBS wants to cut 3,000 jobs after taking over Credit Suisse. According to Sergio Ermotti (pictured), individual advantages should also be taken into account.
Keystone / Ennio Lenza
The bank’s president also put the cuts in perspective: A large proportion of the affected jobs would have been cut even without the takeover because Credit Suisse had lost billions and there was no sign of improvement.
The bank would have had to make drastic cost cuts, which would have cost many jobs. If a foreign bank had taken over Credit Suisse, more jobs would likely have been lost, Ermotti said.
The situation was “out of control”
According to the CEO, it was also possible to imagine scenarios other than the UBS takeover. But it should have been addressed earlier. “It is unfortunate that the situation at Credit Suisse was allowed to deteriorate for too long,” he says. In the end, the situation got out of control.
The new main bank wants to complete the integration by 2026. Savings of about 8.8 billion francs are expected.
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