The combined UBS and Credit Suisse are facing a wave of layoffs, with the restructuring phase underway. Despite the challenges ahead, some Credit Suisse employees are taking the opportunity to explore other possibilities and relax with friends. The banking industry is known for its highly qualified professionals who have already started exploring new opportunities, resulting in a relatively smooth transition for many affected employees.
Social plans at both UBS and Credit Suisse offer generous compensation packages for employees facing termination, helping maintain a sense of calm among staff. However, 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.
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. While some may be relaxed about their impending termination, others may see it as an opportunity to reorient themselves and avoid appearing stagnant or unproductive in the job market.
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. Despite this challenge, some Credit Suisse employees are taking advantage of their time off to explore new opportunities or simply relax with friends before finding new jobs.
