Credit Suisse and UBS must postpone any layoffs planned as part of their merger, the Swiss Bank Employees' Association said.
must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association said on Monday, in an open letter to the country's parliament.
"We ... call on you to support our demand for a freeze on layoffs by the end of 2023 in parliament," Ferrara wrote in the letter published by newspaper Blick on Monday.The Swiss parliament is due to meet in extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month.
"For the past three weeks, many of the approximately 17,000 employees at Credit Suisse and the 22,000 UBS employees have been looking at their future with uncertainty," said Ferrara, referring to the staff numbers in Switzerland."In the public debate about the takeover of Credit Suisse by UBS, there is a lot of talk about numbers, money, regulation, 'too big to fail' or bonuses," Ferrara wrote.
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