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Credit Suisse must provide clarity and protect Swiss jobs


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Press release of 27 October 2022, 8 a.m.

Today, the Credit Suisse Group provided information about its future strategy. Due to the misguided business policies of past years, the business model is being reoriented – which is associated with massive job cuts. But it is completely unclear how significantly the success-ful Swiss division and the local Group functions will be affected. The Swiss Bank Employees’ Association (SBEA) demands clarity from Credit Suisse about its plans for Switzerland. In this regard, it is taking CEO Ulrich Körner at his word, who today said a “strong Swiss bank” is the “core” of the reoriented Credit Suisse Group. For the SBEA as well, the priority must be: strengthening the profitable Swiss business.

One year ago, the Credit Suisse Group announced massive savings measures. But the extent of the planned job cuts in Switzerland still remains unknown today. The Swiss Bank Employees’ Association (SBEA) demands that the bank provide clarity. Employees in the “Swiss Bank” division are working with great success, guaranteeing the basis for healthy business development of the Credit Suisse Group in the future. Employees in Switzerland should not have to pay the price for the misguided busi-ness policies enacted by parts of Group management in recent years.

The good social plan must be implemented without exception
If Credit Suisse nevertheless cuts jobs in Switzerland – especially with regard to Group functions – it must show responsibility to its employees in Switzerland. The current good social plan (see box) must be implemented so that job cuts do as little harm as possible.

The SBEA demands that the new top executives of Credit Suisse take care of the Switzerland business centre and implement the needed cultural change. The old guard surrounding former Chairman of the Board of Directors Urs Rohner must take responsibility here. They steered Credit Suisse into this disas-trous situation and should at least have the decency to return their bonuses.

Social partnership must now prove itself
The good collaboration with Credit Suisse on social partnership matters must now prove itself. The Swiss Bank Employees’ Association is keeping track of further developments with a critical eye and is in contact with the responsible individuals at the bank. If necessary, the SBEA will intervene at Credit Suisse.

Michael von Felten, President SBEA
Christof Burkard, SBEA Social Partnership Specialist

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Swiss Bank Employees’ Association
For over 100 years, the Swiss Bank Employees’ Association (SBEA) has been the voice of employees in Switzerland’s banking and finance world. The Association strives to bring about continuous improve-ment in working conditions. It is a recognised social partner in the industry and signatory to the two collective labour agreements, ACEBE and ARWT.

Functioning social plan at Credit Suisse in Switzerland
A social plan exists for Credit Suisse in Switzerland, which the bank concluded in 2016 with the Staff council and the Swiss Bank Employees’ Association. It aims to structure job cuts in a way that pays heed to social concerns and to support any employees affected to continue their careers inside or out-side the bank in the event of job losses.
In concrete terms, the employees impacted by such events are able to find a new position over the course of a reorientation phase lasting up to 12 months. In addition, the social plan offers early retire-ment with financial support from the age of 58 onwards. Owing to the social plan, most of the em-ployees impacted by job cuts in recent years found a new internal or external position.