Employees group warns of major Swiss job losses if UBS relocates
UBS•The Swiss Bank Employees Association warned that a UBS relocation, sale or merger could put 10,000 to 12,000 of the bank’s roughly 34,000 Swiss jobs at risk. UBS said it still expects about 3,000 layoffs in Switzerland from its Credit Suisse integration, over several years.
1. Job loss warning
The Swiss Bank Employees Association told lawmakers that a UBS relocation, sale or merger could cost 10,000 to 12,000 jobs in Switzerland, describing it as a worst-case scenario. The bank has roughly 34,000 Swiss employees.
2. UBS integration cuts
UBS declined to comment on the association’s estimate. It said it still expects around 3,000 layoffs in Switzerland as it integrates Credit Suisse, with the cuts spread over several years and largely handled through natural turnover, early retirements and insourcing.
3. Capital rules debate
The warning comes as a committee in the Swiss lower house prepares to discuss capital requirements for UBS’s foreign subsidiaries. The upper house proposed last month that UBS back those units with 90% Common Equity Tier 1 capital; UBS has said that level is too high and its chairman has warned the bank would need to consider its future in Switzerland if rules are too harsh.
