The merger of UBS and Credit Suisse has led to a wave of layoffs among employees. The restructuring phase is underway, with the real challenge expected in 2024. While some Credit Suisse employees are relaxed about the situation, others are struggling with the negative atmosphere at work.
Despite the layoffs, outplacement and career consultants have advised employees to quickly reorient themselves to avoid appearing stagnant and unproductive in the job market. One 50-year-old employee sees his impending termination as an opportunity to explore other possibilities, rather than rushing into a job offer with compromised conditions. Some employees have found alternative positions at UBS or other banks, while others are taking the time to relax and reconnect with friends.
Social plans at both UBS and Credit Suisse offer generous compensation packages for employees facing termination, which has helped maintain a sense of calm among staff. The banking industry is full of highly qualified professionals who have already started exploring new opportunities, resulting in a relatively smooth transition for many affected employees.
The situation at these big banks contrasts with other industries where severance packages may be less generous or the terms less favorable. Companies like Novartis and Tamedia have implemented different strategies to manage layoffs, each with varying degrees of compensation and support for affected employees. The banking industry’s financial stability allows for more generous social plans to cushion the impact of job cuts.
Overall, the job market in Zurich seems to be absorbing a large proportion of displaced banking employees, easing the transition for many. Employees are being provided with outplacement services and support to help them find new opportunities, with some receiving additional training allowances. However, the true test for these employees will come in 2024 when continued wage payments come to an end and the job search becomes more critical.
In conclusion, while layoffs can be challenging for any employee, it seems that this restructuring phase at UBS and Credit Suisse is not as difficult as it could be due to generous social plans offered by these companies compared to other industries that face similar situations. Additionally, there’s an abundance of qualified professionals available in the banking industry that makes it easier for those affected by layoffs to find new opportunities after they leave their current jobs.
