The Great Banking Restructuring: Employees Brace for Uncertainty in 2024, But Many Are Taking it in Stride.
The restructuring phase at UBS and Credit Suisse is underway, with the real challenge expected in 2024. Despite the negative atmosphere among Credit Suisse employees, some are relaxed about their impending termination. While some have found alternative positions at UBS or other banks, others are taking the time to relax and reconnect with friends.
Outplacement and career consultants have advised employees to quickly reorient themselves to avoid appearing stagnant and unproductive in the job market. Social plans at both UBS and Credit Suisse offer generous compensation packages for employees facing termination, helping maintain a sense of calm among staff despite the layoffs.
The banking industry’s financial stability allows for more generous social plans to cushion the impact of job cuts compared to other industries where severance packages may be less generous or terms less favorable. Companies like Novartis and Tamedia have implemented different strategies to manage layoffs, each with varying degrees of compensation and support for affected employees.
The true test for these employees will come in 2024 when continued wage payments come to an end, and the job search becomes more critical. However, it appears that the job market in Zurich is absorbing a large proportion of displaced banking employees, easing the transition for many. Employees are being provided with outplacement services and support to help them find new opportunities, with some receiving additional training allowances.
