The announcement of the takeover of Credit Suisse by UBS has triggered many questions and great uncertainty: How many jobs are affected? Is my job at risk? What is the schedule?
The Swiss Bank Employees Association (SBEA) provides you with information and advice on the current situation here.
Questions and concerns
The SBEA is committed to a freeze on terminations at both big banks. We stand up for the employees. Our goal is to limit job cuts to the absolute minimum. Do you work at UBS or Credit Suisse and have you received notice of termination or information that your position will be eliminated after the takeover announcement of 19 March 2023? Talk to us. As a member of the SBEA, we will advise and support you in this situation.
The SBEA launches a petition in support of no more redundancies at Credit Suisse and UBS until the end of 2023. Sign the petition today!
The current situation at Credit Suisse is in no way sufficient grounds for termination without notice. Swiss employment law imposes very strict requirements on terminations without notice.
Ordinarily, that is, until the announcement of the takeover of Credit Suisse by UBS, the following regulation applied: in the case of terminations for economic reasons, the respective social plan comes into effect. In the case of other terminations (e.g. for reasons related to performance), it must be clarified whether there is any abuse, whether the bank has complied with its own rules and the collective labour agreement.
With this extraordinary cutback in jobs in the Swiss financial centre now looming, the current social plan is not enough. This is why the SBEA is advocating for renegotiations, calling for a task force and a freeze on redundancies until the end of the year.
There are still many unanswered questions. Subscribe to our newsletter and we will keep you updated there. You can send any questions to the SBEA by e-mail. The SBEA also offers consultation services to its members.
The SBEA has called for the management of both big banks to inform their employees and the social partners transparently about their implementation plans. We are negotiating partners when it comes to personnel issues. As a first confidence-building measure, we call for a freeze on redundancies until the end of 2023.
Generally, a distinction should be made with regard to bonuses at Credit Suisse – as the Federal Government also does, according to the media release of 21 March: For regular employees, the bonus is a fixed part of the salary and replaces the 13th month salary that is common in other industries. With respect to these regular employees who successfully committed themselves to the bank, the bank should honour its commitment and pay the promised bonuses. The situation is different for management. The Banking Act provides for measures for them, which the Department of Finance has now also decreed.
The social plan of Credit Suisse does not provide for any compensation for redundancies under the social plan. It is not yet clear whether this will be different in the case of unavoidable redundancies in the context of the takeover by UBS.
Unfortunately, it must be assumed that jobs across the board are at risk at both big banks. The areas where a particularly large number of jobs are at risk hinge on the integration strategy, which is not yet known. The SBEA advocates for all employees in all areas.
As a rule, the employer cannot force you into early retirement. The regulations on early retirement in the social plans of Credit Suisse and UBS are relatively generous, but not identical. But the SBEA is calling for solutions that go beyond the social plans.
Pension provisions are a complex issue. The SBEA supports its members individually in the analysis of their pension solutions.
Contact the HR department. The SBEA also keeps you informed about the latest employment law news in its newsletter. The SBEA continues to offer consultations to its members and they can send any questions to the SBEA by e-mail.
There is no indication that salaries are not secured.
Your personal pension fund assets are secured in any case, regardless of the employer’s situation. Like all investors, pension funds holding Credit Suisse shares are affected by share price developments.
The Credit Suisse social plan has been in effect since 2017. It was negotiated with the social partners and the staff council and has been co-signed by the SBEA. The social plan includes a graduated extension of the notice period according to age in combination with benefits from the employer related to professional reassignment. In addition, from the age of 58, those affected receive additional financial benefits for early retirement and further time and assistance to look for a new job – internal or external to the bank. However, with this extraordinary cutback in jobs in the Swiss financial centre now looming, the current social plan is not enough. This is why we advocate for renegotiations and additional benefits such as retraining, career counselling, etc.
The current social plan of UBS operates on the same logic as that of Credit Suisse. It provides an orientation phase as well as support services in the search for new gainful employment and severance pay for early retirement from the age of 58.
The SBEA offers its members legal advice that is independent of the employer and confidential. Membership including legal protection costs CHF 190 per year. You can join the SBEA immediately. You can join the SBEA immediately.
When registering, be sure to enter your personal e-mail address and a personal telephone number. You should always contact the SBEA using your personal e-mail address. Never write to us from your business e-mail address, and when contacting us by phone, make sure you are in a confidential environment.
Of course, you may talk about your situation as long as no internal information, processes or client data are disclosed.
You can send such media requests to the SBEA. We will treat the information confidentially. Please do not comment to journalists or the media.
Since its foundation in 1918, the SBEA has always worked in a constructive and solution-oriented manner, and the cooperation with the social partners is based on trust and respect.
As a recognised social partner, the SBEA has long maintained close contacts with the staff councils/employee representation bodies and management at both big banks. When the first rumours of a merger surfaced, we vigorously advanced our call for a task force directly to those responsible at the big banks, to FINMA and the Federal Council, and last but not least through the media.
The task force is in the planning stage. You will be kept informed by the newsletter.
The task force is in the planning stage. You will be kept informed by the newsletter.
We need your support so that we can have a stronger negotiating position. With your membership, but also with your story, you will help us to conduct these negotiations in the best possible, constructive and goal-oriented way for the benefit of the employees.
In addition to free legal advice, the SBEA offers its members a number of other benefits: Discounts on insurance and continuing education, internal educational events (webinars), and last but not least, an opportunity to have a say and be actively involved in the association
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Stay informed. We will keep you informed regularly about all the important news on the personnel situation at Credit Suisse and UBS and the opportunities available to bank employees and staff.
