Directors at UBS have usually had a six-month notice period. The Swiss bank has however now decided to reduce it significantly, according to information obtained by finews.asia.
The biggest Swiss bank will have a notice period of three months for members of its directorate as of next year, half of what it is today. UBS confirmed the information obtained by finews.asia.
The three-month notice period was in line with regional and global standards, the bank said. After the reduction, UBS will have the same standard notice period of three months for all managers in Switzerland.
Stringent Cost-Saving Policy
The directorate comprises directors, executive directors and managing directors, employees in other words who have some of the highest salary packages at the bank.
The measure comes as UBS is determined to stick to its stringent cost-saving policy and as it plans to cut jobs at wealth management, previously reported by finews.asia.
A specialist team is identifying possible ways of achieving synergies and savings, sources in the financial market told finews.asia.
Swiss Unit May Face Personnel Measures
With the change of manager at the Swiss unit, employees in the domestic market are said to be bracing themselves for major changes in personnel. UBS on Wednesday said Lukas Gaehwiler would depart in September and be replaced by Martin Blessing, the former CEO of Commerzbank.
UBS will retain its procedures for job cuts. Affected employees are taken into a coaching process, which keeps them in the job for as long as a year, depending on age, years of service and position. During the process, the employee receives their normal salary.
The redundancy programs are not being altered, UBS told finews.asia.
