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UBS to fire hundreds of Credit Suisse bankers: report

Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.

Published: 29 July 2023 10:03 CEST
UBS to fire hundreds of Credit Suisse bankers: report
Two men sit under a sign of Credit Suisse displayed on a building in Lugano, on June 9, 2023. Photo: Fabrice COFFRINI/AFP.

Several hundred Credit Suisse investment bankers will soon be fired as UBS begins to implement the merger of the two banks, the Swiss weekly HandelsZeitung said Friday.

UBS agreed to buy its rival in a hastily arranged 3-billion-franc ($3.5 billion) fire sale over a March weekend by Swiss authorities afraid that a weakened Credit Suisse would go bankrupt, with speculation rife since about the impact on jobs.

HandelsZeitung said that according to its sources UBS chief executive Sergio Ermotti wants to rapidly get to work on eliminating the huge amount of duplication in their operations.

“The transformation is beginning: in the coming days several hundred Credit Suisse bankers will receive termination notices,” said the weekly.

It noted that the Swiss media have speculated about between 30,000 and 35,000 job cuts across the world.

At the end of last year, the two banks had around 120,000 employees between them across the world, including 37,000 in Switzerland.

UBS declined to comment when contacted by AFP.

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RENTING

Why there is a push in Switzerland to make buildings higher

Tall residential buildings are not very common in Swiss cities, but efforts to change this are gathering strength.

Published: 9 April 2024 13:41 CEST
Why there is a push in Switzerland to make buildings higher

Many of Switzerland’s cities are suffering from a chronic housing shortage, with the demand for accommodation far exceeding the available supply.

Though a number of measures have been proposed — for instance, loosening certain regulations which slow down construction of new buildings, such as noise ordinances — the Swiss Tenants Association has said current plans lack “rapid and effective measures.”

READ ALSO: Why Swiss tenants are unhappy with plan to solve housing shortage

Reaching new heights

Another possible solution currently on the table addresses the scarcity of land for new constructions.

“This is why expansion must absolutely take place at height,” the Liberal-Radical Party (PLR) said in a press release. 

This means that additional living space should be created on top of current residential buildings.

To that end, “building and zoning regulations in Swiss cities must be adapted so as to systematically integrate the raising of one or two floors into urban plans.” 

“In addition, in all residential areas, the maximum authorised height of existing buildings should be  increased by at least three metres. This should make it possible to add an additional floor or two for housing, where possible,” the party states.

The ‘where possible’ clause would exclude historic buildings that cannot be altered and ones where adding more floors is not feasible for technical reasons.

Building ‘upwards’ not only creates space for more dwellings, but also helps stop urban sprawl and preserves agricultural land, according to  PLR’s MP Simone de Montmollin. 

What might happen next?

The party has started an online petition, which it urges all Swiss citizens who favour this change to sign. 

“Building and zoning standards in Swiss cities must be adapted so that the maximum permitted height for existing buildings in all residential areas is increased by three metres,” its text says. “This should make it possible to add an additional floor for housing, independently of the existing use.”

If and when the petition collects at least 100,000 signatures, the issue would be brought to a ballot box.

No details are available about the number of signatures collected to date.

Historic perspective

While the idea may sound ground-breaking, it is not.

As de Montmollin pointed out, already in the 16th century, houses were raised in Geneva to create accommodation for persecuted Protestants (Huguenots) fleeing France.

Much more recently, such ‘elevations’ have been possible in Geneva thanks to a law passed in 2008.

And in Zurich, the PLR, along with a multi-party coalition, launched a popular initiative for the raising of existing buildings.

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