The wave of layoffs is set to hit Credit Suisse employees, with those who are not prepared for the change facing a tough restructuring phase. However, there are some employees who are taking it in stride and seeing it as an opportunity for a fresh start. One such employee, a 50-year-old trader who has been at the bank for many years, says he is relaxed about his situation and believes that something will be found. He turned down a job offer from the competition and is waiting to see what opportunities come his way.
The CS employee who worked in a staff position may have more cause for concern, as corporate staff are often doubled after mergers and takeovers, making one worker redundant in each function. However, this employee has already found work at a consulting firm and his colleagues are also doing well. One has a new UBS contract, two have found positions at other banks, and a fourth is taking things slow. The labor market in the greater Zurich area seems to be absorbing many CS personnel.
Despite this, some complaints about the situation have been reported at a high level within the industry. However, unemployment is low and many bankers are highly qualified. Many people who don’t like the situation have already looked around and found good alternatives. This is also why there was no major outcry among staff despite job cuts. The bank’s social plans also play a role in keeping things calm for employees under 50 years old; they receive between eight to twelve months of continued payment of wages depending on their length of service with the company. Employees aged 54 or over or with ten years of service receive twelve months to reorient themselves with full pay while employees aged 58 and over receive severance pay calculated based on their gross salary and length of service from leaving the bank to retirement age.
According to Pierre Derivaz, lawyer at the Swiss Employees Association, notice periods of just three to six months are common during mass layoffs but would be different in an emergency situation like CS/UBS where the backbone of the company was solid.
Overall, it seems that while some Credit Suisse employees may be struggling with uncertainty during this time of restructuring, others may see it as an opportunity for growth and new beginnings within their respective industries.