A recent survey has revealed that nearly half of the employees at the combined UBS-Credit Suisse are apprehensive about their job security. The survey, conducted by eFinancialCareers at the end of 2023, found that 43.2 percent of UBS bankers are worried about losing their jobs. This level of job insecurity was only surpassed by employees of American banking giant Citigroup, where 44.6 percent expressed similar concerns.
The survey results are not entirely surprising, given the recent developments in the banking industry. Following the takeover of Credit Suisse (CS) by UBS last March, the Swiss major bank announced plans to reduce risks in the investment bank as a whole. This decision is expected to lead to staff reductions in the CS business, as UBS aims to save 10 billion dollars in costs by 2026. It is well known that personnel is the largest expense in banking.
However, recent signals from UBS suggest a more positive outlook for investment bankers. Reports indicate that the major bank is keen to retain as many experienced CS staff members as possible. In the United Kingdom, the bank is looking to expand its market share in consulting for company mergers and acquisitions.
UBS also has ambitious plans for America. Last December, investment bank boss Rob Karofsky expressed his intention to position his division directly behind the market leaders on Wall Street as the best alternative, with the aim of playing a significant role on a global scale. This indicates that while there may be some job insecurity among employees, there are also opportunities for growth and expansion within the company.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 🇺🇸 🇬🇧 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Rob Karofsky |
| Companies | finews.asia, Citigroup, UBS, Credit Suisse, «eFinancialCareers» |
| Currencies | None |
| Securities | None |
