The recent layoffs at UBS have left Credit Suisse employees with mixed feelings about their future. While some may be feeling anxious and uncertain, others are taking the opportunity to reorient themselves and explore new opportunities.
According to an outplacement and career consultant, it is important for employees to quickly adapt to changes in order to avoid being left behind. Waiting too long can make it more difficult to find a new job or advance in one’s career. This is particularly true for people over 50 who have been with the bank for many years and may not have as much direct contact with customers.
Despite the uncertainty surrounding the future of Credit Suisse, some employees are taking a relaxed approach. One employee, who will be terminated from his position, turned down a job offer from a competitor because he felt that he could do better if he waited until something better came along at UBS. He has also taken advantage of his twelve-month notice period by finding work elsewhere while still enjoying his time off.
Other employees have found success in other areas. A trader who had been laid off found joy in wellness and is catching up with old friends. He is not particularly worried about finding a new job, knowing that something will come along. Similarly, a CS employee who worked in a staff position was able to find work at a consulting firm after mergers and takeovers doubled corporate staff positions. Several other colleagues have also found success elsewhere in the industry.
Industry experts agree that while there may be some unemployment among bankers, it is generally low due to the high level of qualifications required for such jobs. Many people who don’t like their current situation have already looked around and found good alternatives, which has helped minimize any major outcry among staff despite job cuts. The social plans offered by both UBS and CS/UBS also help ensure calm during this time of transition by providing support for those affected by layoffs or redundancies.
Lawyer Pierre Derivaz agrees that social plans offered by UBS/CS are more generous than those negotiated during an emergency crisis when mass layoffs are common and arrangements are often not publicly announced.
Overall, while there may be some anxiety surrounding the recent layoffs at UBS/CS/UBS, many employees are taking advantage of this time of transition to explore new opportunities and make positive changes in their careers.