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Friday, 28 April 2023

Friday, 28 April 2023
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 * Finance >
 * Sergio Ermotti: «This Will Be The Most Painful Part»

Sergio Ermotti, CEO, UBS (Image: Keystone)
FINANCE Tuesday, 25 April 2023 18:56


SERGIO ERMOTTI: «THIS WILL BE THE MOST PAINFUL PART»



Written by Samuel Gerber | Deputy Editor-in-Chief, finews.ch
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Jobs at both big banks aren’t under immediate threat, UBS's CEO said in a media
call.

While UBS’s quarterly earnings report hardly mentioned the upcoming Credit
Suisse deal, Sergio Ermotti gave a brief update on the transaction in a media
call Tuesday. The burning question on the minds of thousands of employees is
related to jobs.

 Separate Entities



UBS told investors it would save around 6 billion dollars in personnel costs by
2027 as part of the Credit Suisse acquisition. There are projections saying
12,000 jobs in Switzerland alone could be at risk as a result affecting not just
Credit Suisse’s workforce but also UBS’s.

In the case of takeovers, it is common for around a third of management to be
taken over by the acquired company. Although Ermotti declined to give a rough
estimate of the number of jobs on the line, he did say «this will be the most
painful part of the transaction.»

He also made clear that job cuts were not the most pressing issue: «Even after
the takeover has been decided, the banks will have to function separately, and
this will require personnel at both institutions,» Ermotti said.

Hoping on Demographics

Once it does come to cutting jobs, Ermotti assured this would be done gradually
and that the bank would proceed «respectfully and transparently.»

He also reiterated that Credit Suisse employees will have a fair chance at
retaining their jobs as the best talents are sought for each position. The CEO
is also counting on natural fluctuation, which has been high at both banks
reaching 13 percent in 2022 at UBS, and at 15 percent at Credit Suisse.

The demographics of Swiss banking in particular also suggest that the measures
will not be so drastic with numerous employees reaching regular retirement age
in the next few years.

«Not very well informed»

Ermotti did not however reveal his exact plans for the merger in Switzerland.
The full integration of Credit Suisse is only the base scenario; the bank's
management reserves the right to examine alternatives, he said, adding that he
did not want to be talked into the transaction by politicians.

He also said that UBS’s new paradigm in the country's banking landscape did not
breach competition laws. «There are a lot of voices on the merger right now, and
not all of them are well informed,» Ermotti said.

UBS, however, will be guided in its decisions by facts rather than emotions, he
added.


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