A recent survey conducted among employees of a major Swiss bank suggests that nearly half of the combined workforce of UBS and Credit Suisse are concerned about their job security. According to the survey conducted by “Efinancialcareers” at the end of 2023, 43.2% of UBS bankers expressed fear of losing their jobs, making them second only to employees of the American bank Citigroup, who had a slightly higher percentage of job anxiety at 44.6%.

The survey results are not surprising considering the signals that have been coming from UBS recently. Following the acquisition of Credit Suisse in March of last year, UBS announced its intention to reduce risks in the investment banking sector. This move is expected to result in job cuts, as the combined UBS aims to save a total of $10 billion in costs by 2026. Given that personnel expenses are typically the largest cost for banks, it is understandable that employees are concerned about their future.

However, there have also been conflicting signals from UBS in recent weeks. The bank has been making efforts to retain experienced staff from Credit Suisse, particularly in London, where it aims to expand its market share in the field of mergers and acquisitions (M&A) advisory services. UBS also has similar plans for the United States, with its investment banking chief expressing a desire to position the bank as a strong alternative to the market leaders on Wall Street and play a significant role globally.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇨🇭
Sentiment	neutral
Relevance Score	1
People	Rob Karofsky
Companies	Credit Suisse, Citigroup, UBS
Currencies	None
Securities	None