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It was inevitable that the significant duplication of activity caused by the forced takeover of Credit Suisse by UBS was going to cause significant job losses. Chris Roebuck’s discussion today with Ben Thompson on BBC World Business News.
The size of these is now starting to become apparent. Reports suggest that about 50% of Credit Suisse 45,000 employees may lose their jobs. Delivering that cost saving in a way which treats people moving on decently will be a massive leadership challenge for UBS. The way an organisation moves people out is as indicative of its values as much as the way it gets them in.
Investment Banking will be hard hit but also all support functions – HR, IT, Legal, Finance, Operations, Marketing, Risk – you don’t need two HR functions for one organisation.
This will have global impact. There are 5500 CS staff in London, 7500 in USA plus more spread globally. But maybe it’s in Switzerland where the impact will be hardest and most politically sensitive. 17,000 work in CS domestically. Local CS retail branches in most towns will close leaving the community with only one major bank, and one or two smaller local banks. 17,000 potential job losses is an issue for Swiss society.
Hear more from Chris Roebuck and his insights into the world of leadership and business on subjects such as employee engagement, entrepreneurial leadership, brand ambassadors, mentoring talent development and neuroscience for leaders.
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