Navigating Layoffs: Inside UBS-Credit Suisse’s Restructuring Phase and Employee Adaptation Strategies.

The restructuring phase is underway at the combined UBS and Credit Suisse, with some employees facing layoffs in 2024. While the atmosphere is dire, one employee says he’s taking it easy and waiting for a better opportunity. He turned down a job offer from the competition and still has a notice period of twelve months. Another employee has found work at a consulting firm, while others have landed jobs at other banks or are taking time off to reorient themselves. Despite job cuts, many bankers have found good alternatives and there was no major outcry among staff due to the bank’s generous social plans. Industry experts say that unemployment is low and many bankers are highly qualified. Notice periods of just three to six months are common in mass layoffs, which have been rare in recent years. The big bank can afford to pay for social peace due to its financial stability, but top performers may choose to resign on their own initiative, foregoing continued payment of wages in exchange for more control over their departure.