This is indicated by a new survey of the Swiss major bank’s staff. However, there have been recent signs from UBS which suggest that the investment bankers also have a reason to feel positive.
Almost half of the employees at the combined UBS-Credit Suisse fear for their jobs: this is the result of a survey of bankers conducted by «eFinancialCareers» at the end of 2023.
According to the survey, 43.2 percent of the UBS bankers who were asked are worried about losing their jobs. Only employees of American banking giant Citigroup were more uncertain about their jobs (44.6 percent).
Reducing Risks
The British industry platform has good contacts in investment banking in London’s «City» and other financial centers – naturally, this is also where most of the responses of the survey came from. In this regard, the mood of the surveyed UBS staff is less surprising, as just after the Credit Suisse (CS) takeover last March, the Swiss major bank announced a desire to cut the risks in the investment bank as a whole.
To begin with, this decision will also be accompanied by staff reductions in the CS business, if the combined UBS wants to save 10 billion dollars in costs by 2026. And as a general rule, personnel is the biggest expense item in banking.
New Wall Street Ambitions
In recent weeks, however, there have also been signals from UBS which suggest the opposite. finews.asia also reported that the major bank in London is eager to keep as many experienced CS staff members in the company as possible. In the United Kingdom, the institute wants to expand its market share in consulting for company mergers and acquisitions.
Switzerland’s number one bank also has similar plans for America. Last December, investment bank boss Rob Karofsky announced the desire to position his division directly behind the market leaders on Wall Street as the best alternative, and also to play an important role on a global scale.
