UBS will roll out five waves of job cuts starting in June as it pushes through its takeover of Credit Suisse, which is expected to lead to thousands of layoffs.
https://www.fnlondon.com/articles/ubs-plans-five-waves-of-layoffs-from-june-to-november-5e5da6be
Getting rid of colleagues via tenure as a basis only - smartest people on chop, senseless place highest performers going as cheaper
Such a bloated bureaucratic organisation with lots of talentless Swiss unable to work elsewhere so stuck for life
2 weeks p.y. of service. 8 weeks of sev. minimum if less than two years of service.
Since it is a mass layoff / reorg WARN plus 2 weeks per year, checking if this is true
Agreed, leave now. Start looking aggressively. Ex-CS colleagues are not welcome and they're not given work- at least any meaningful work. In some corp functions, CS folks are treated so unprofessionally that they are left agitated in meetings and worse sometimes even crying. The humiliation by the UBS staff is appalling. The tone is from the top and public. They want natural attrition and therefore don't want to pay any severance. Therefore, they treat you like this and then expect that you'd leave and save more money for the company. If you stay you will still be cut. Severance for someone who's been there less than 3 years is paltry. Not worth it. Leave when you can.
Yes agreed. If you are non-client facing be prepared to be cut! CS folks are not getting much work anyways. They will be cutting over 30% of ex-CS staff by October. Start looking.
Don't put anymore time and effort in this place. Leave ASAP. If you are ex-CS you need to look aggressively. UBS has no mercy, no empathy, and not even good judgement of good talent at CS. That's just not in the strategy. Again, LEAVE.