The restructuring phase has begun at the combined UBS and Credit Suisse, with employees facing layoffs. While some are relaxed about the situation, others are feeling miserable and underground. Outplacement and career consultants have advised employees to quickly reorient themselves in order to avoid appearing stagnant and unproductive in the job market.
Despite the negative atmosphere, some employees are taking advantage of their impending termination as an opportunity to explore new possibilities. Others are using the time to relax and reconnect with friends. Social plans at both banks offer generous compensation packages for employees facing termination, helping maintain a sense of calm among staff despite the layoffs.
The banking industry is known for its highly qualified professionals who have already started exploring new opportunities, resulting in a relatively smooth transition for many affected employees. However, other industries may not offer such generous severance packages or favorable terms for laid-off workers. Companies like Novartis and Tamedia have implemented different strategies to manage layoffs, each with varying degrees of compensation and support for affected employees.
The financial stability of the banking industry allows for more generous social plans to cushion the impact of job cuts, providing outplacement services and support to help employees find new opportunities. While some employees may receive additional training allowances, the true test will come in 2024 when continued wage payments come to an end and the job search becomes more critical.
Overall, while there is uncertainty surrounding the future of employment at these big banks, there are resources available to help employees navigate this challenging time. Employees can take advantage of outplacement services and support from career consultants to find new opportunities in other industries or fields that align with their skills and interests. Additionally, social plans offered by both UBS and Credit Suisse can provide financial stability during this difficult period.
