A wave of layoffs is hitting the combined UBS and Credit Suisse, with employees facing a restructuring phase that will test their resilience until 2024. Many Credit Suisse employees describe the mood as miserable, citing the need to quickly reorient themselves in the job market to avoid being seen as inflexible or lacking motivation. This is especially concerning for long-term employees over 50 who may have limited customer-facing experience.
However, not all employees are feeling the pressure. Some, like a 50-year-old banker whose position is being eliminated, are taking a relaxed approach to the situation. Despite turning down job offers and enjoying his downtime, he remains optimistic about finding new opportunities. Similarly, other employees have already secured positions at consulting firms or other banks, easing their transition out of Credit Suisse.
Industry experts note that despite the job cuts, many highly qualified bankers have been able to find good alternatives in the job market. The bank’s generous social plans, which include full salary payments for up to twelve months, have also provided employees with peace of mind during this uncertain time. Comparatively, other companies like Rieter, Tamedia, and Novartis have offered varying severance packages and support services to employees facing layoffs.
As the job market adjusts to the influx of laid-off bankers, the industry’s financial stability has allowed major banks like UBS to provide continued salary payments and support services to ease the transition for employees. While some top performers have chosen to leave voluntarily, others are taking advantage of the safety net provided by the bank’s social plans. The true test for these employees will come in 2024 when continued salary payments come to an end, and the job search becomes more challenging.
Overall, the banking industry’s ability to absorb job cuts and provide support for employees reflects a unique dynamic compared to other sectors. While layoffs are inevitable, the availability of resources and financial stability in the industry have cushioned the impact on employees and allowed for a smoother transition for those affected.