The wave of layoffs is looming at UBS, but Credit Suisse employees are taking it in stride. Immediately after the bank’s failure, outplacement and career consultants advised employees to reorient themselves as quickly as possible. No employer wants that. While the situation is particularly dangerous for people over 50 who have been at the bank for a long time and have little direct contact with customers, many supposedly pitiful bankers say they are doing well.
One such employee said he was completely relaxed about his termination from Credit Suisse despite being 50 years old and not having much to do for months. He turned down a job offer from the competition because it would have paid less and required him to make major compromises on his staggered bonus. Another employee said he was taking it easy at the moment and had found joy in wellness and was meeting many old friends again. Despite concerns about job security, he wasn’t particularly worried because something would be found.
A trader who worked at Credit Suisse said he was doing just fine, with no worries about finding work in the future. In fact, many anecdotes circulate among CS employees about finding good alternatives to their former jobs. A staff member who was let go after mergers and takeovers even landed a new contract at UBS, while others found positions at other banks or consulting firms. One employee even received a severance payment upon leaving the bank, which was calculated based on his gross salary and years of service.
Industry experts agree that unemployment is low among CS employees due to their high qualifications and ability to find good alternatives quickly if needed. Even the bank’s social plans were described as “generous,” providing employees with between eight to twelve months of full continued wage payment depending on their years of service or age above 54 or six months if they are over 58 with ten years of service or more. Notice periods are also longer than usual, with three to six months common instead of just one month in emergency situations like this one where there has been no mass layoffs in recent years and arrangements are often not publicly announced.
Overall, while some may envy those lucky enough to be in an industry where there is still a lot of money, it’s clear that Credit Suisse employees are handling the situation well thanks to their resilience and ability to adapt quickly in times of uncertainty.