A leak suggests waves of job cuts are coming at UBS.
Since the bank merged with its former rival Credit Suisse, there have been swirling rumours of cuts.
Although some have already lost their jobs – the worst is to come.
A report in yesterday’s SonntagsZeitung cites insider knowledge and says starting in the summer, there will be five rounds of job cuts. It’s expected 80% of those who worked for Credit Suisse will lose their positions – around 3,000 people.
UBS is still rationalising its branch network, many former Credit Suisse branches will close.
Some workers are predicting the future and leaving of their own accord. But recruitment agencies warn that may not be a good idea – the financial sector is oversupplied with labour at the moment, they warn.
It will be better to wait for the axe as it may come with a redundancy package.
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