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The burden of ambitious cost-cutting goals cannot be borne by ordinary employees!


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The Swiss Bank Employees’ Association (SBEA) is very unsettled by developments at Credit Suisse and has taken note of the decision made by its Board of Directors regarding the change of CEO. The bank has made many mistakes in the past, which have caught up with it in recent times. Over the past few months, Credit Suisse has not been able to demonstrate a solution for the challenges facing it in the future. On the contrary, it has lost a great deal of ground.

The presentation of its six-month results marked the second time in nine months that ambitious, aggressive cost-cutting objectives were announced. However, it remains unclear how they will be put into practice. As a result, employees are starting to wonder about their personal future, even in the successful Swiss unit.

The Swiss Bank Employees’ Association (SBEA) notes that the work performed by Credit Suisse staff in Switzerland is proceeding well: they have laid the foundations for the good results generated by the Swiss Bank division and continue to provide the basis for the further development of the business.

It cannot be the case that Credit Suisse employees in Switzerland must now pay the price for the failures of the commercial policy pursued by some of the Credit Suisse Group’s executive leadership. As a result, SBEA is calling for as many jobs as possible to be kept in Switzerland.

Credit Suisse has drawn up a perpetual social plan with its HR committee and external social partners, including SBEA. “This social plan aims to avoid redundancies on economic grounds and support any employees affected to continue their careers inside or outside the bank in the event of job losses.” In concrete terms, the employees impacted by such events are able to find a new position, internally or externally, over the course of a phase lasting several months. In addition, the social plan offers the benefit of early retirement with financial support from the age of 57 onwards.

In recent years, most employees affected were able to find a solution internally or externally thanks to the measures foreseen in the social plan; they only needed to turn to the regional job centre (RAV) in exceptional cases. In so doing, Credit Suisse exercised its responsibility towards its employees in Switzerland in an exemplary fashion. SBEA is greatly appreciative of the support offered to employees by the social plan.

SBEA is in touch with the HR department at Credit Suisse Switzerland so it can work with the HR committee to represent the interests of SBEA members and bank employees.

Expectations for the new CEO
The SBEA is expecting that the new CEO will continue the constructive social partnership and have a clear commitment to Switzerland as a banking hub, along with keeping many of the future-looking jobs in Switzerland. This also includes returning jobs to Switzerland from abroad, and limiting both contracting and outsourcing.

Many Credit Suisse employees have experienced challenging times in recent months. They are subject to enormous pressure. These cost-cutting measures cannot be allowed to further increase the workload placed on employees at Credit Suisse.

More information:
Natalia Ferrara, SBEA Co-Director
Tel. 0848 000 885

Press response to the SBEA media release