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UBS lays off women – and wants to promote them – inside Paradeplatz

UBS lays off women – and wants to promote them – inside Paradeplatz

Asset Management is the formed daughter of banking giant UBS. While the Swiss and private banking divisions are thriving, Benjamin, the Swiss multinational financial company, is stagnating.

Now newly crowned hopeful Alexander Ivanovic, already talked about in the media as a potential successor to Sergio Ermotti, wants to show that he can make the basement kid shine.

To achieve this, the CEO of Asset Management and the new member of the Executive Board has restructured his management.

In the race with friends (A. Ivanovich; UPS)

Reuters reported on the anticipated changes weeks ago, and Bloomberg reported the most important personnel details last week.

Among the most important appointments are five men and one woman. Charlotte Banninger, known in the scene, made headlines upon her exit.

According to a source, more women came out. In some teams, entire female crews have been eliminated, insiders said.

Those affected immediately lost access to computer systems. You will end up with what is called a “coach”; This is UBS's six-month transition program.

During this time, people can spend all their time on internal and external applications. If you can't find anything at UBS, your employment will be permanently terminated at the end of November.

All are missing in Benjamin's section (UPS)

Next May, those who were fired will finally end up on the streets – a year from now.

It's all very generous compared to other companies and industries.

But what was suspicious was that, according to the defendant, many women received the blue letter.

This does not fit with UBS's official announcement that about 30% of management positions will be filled by women directors by 2025.

Despite the dismissal, he obtained the position of internal substitute (M. Kehl; UPS)

In addition, like most “ideal” employers, MNCs want to have a 50:50 workforce.

UBS is close to achieving this goal: its membership will be women at the end of 2023 Globally 41 percent. But there are problems in the team, and the current layoffs are not conducive to the announced promotion of women.

Instead, they meet potential female leaders. The interviewee believes it is because of an outdated network within UBS Asset Management.

Ousted head of asset management product Michael Kehl may also be able to bank on this. However, Kiehl was offered a new internal job by President Ivanovic.