News
UBS asked to negotiate about job losses in Switzerland
Altogether UBS will cut a further 5,500 jobs by the middle of 2009, including 2,600 jobs in its investment bank unit worldwide.
Mary-France Goy, the General Secretary of the Swiss Association of Bank Employees (SBPV) said: "We are shocked to learn that employees of the bank in Switzerland will pay the price for decisions made outside Europe by a small group of persons whose salaries were incommensurable compared to those in Switzerland".
Oliver Roethig, Head UNI Finance, adds: "Once again, banks will try to make up for the losses in investment banking and for management errors by reducing costs and resources in other units, such as retail banking and back office functions. This will threaten jobs and lead to even higher levels of stress for employees.".
UBS said that most of the investment banking cuts will be through compulsory redundancies. Cuts in other parts of the group may come through fluctuation or reorganisation.
These new job cuts follow more sub-prime related losses as the bank posted $11bn pre-tax loss in the first quarter. Already 1,500 jobs have been axed at the bank.
SBPV's press release is available here (in French and German):
