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UBS is implementing a new monitoring tool to track employee office attendance, requiring staff to be present three days a week. This has raised concerns about potential impacts on bonuses and job security, especially amid anticipated job cuts following the Credit Suisse takeover. Employees report difficulties in securing workspaces and express uncertainty regarding compliance with the new attendance targets.
UBS has implemented a new attendance monitoring tool requiring staff to be in the office three days a week, raising concerns about its impact on bonuses and annual evaluations. Meanwhile, Neuchâtel State Councilor Céline Vara faces criticism for vacationing in Oman, highlighting the expectation for political figures to align their actions with their environmental claims. The Swiss National Council is also addressing issues like education without violence and tax discrimination against married couples in a special session.
Swiss banks are significantly reducing their hiring, with job openings dropping to 550 by the end of April, a 25% decrease from April 2024 and a 40% decline since spring 2023. UBS, Raiffeisen, and Julius Bär are among the institutions experiencing notable contractions, while Lombard Odier and Vontobel are exceptions.
Swiss banks are significantly reducing their hiring, with job vacancies dropping to 550 by the end of April, a 25% decrease from the same month in 2024 and a 40% decline compared to spring 2023. UBS has seen a 23% contraction, while including Credit Suisse's previous listings raises this to 36%. Other institutions like Raiffeisen, Julius Bär, and Zurich Cantonal Bank also report declines, with only Lombard Odier and Vontobel showing an increase in vacancies.
UBS has mandated that employees work in the office at least three days a week, with at least one of those days being a Monday or Friday. Attendance is monitored through access badges, raising concerns among staff that non-compliance could negatively impact bonuses, despite the bank's assurances of fair remuneration. Employees also report difficulties finding workspace in the office, complicating collaboration efforts.
The job market for bank employees in Switzerland is contracting, with the ten largest banks advertising 25% fewer positions in April compared to the previous year. UBS and Credit Suisse are notably impacted, with job postings down 23% and 36%, respectively. Overall, vacancies are over 40% lower than in spring 2023, reflecting a broader trend of declining job opportunities in the sector.
UBS has launched a new free banking product, UBS key4, to attract former Credit Suisse clients and new customers, offering accounts and cards at no cost. This move marks a shift for UBS, which previously charged account management fees, as it competes with digital banks. Customers transitioning from Credit Suisse will have a few days to decide on the new offer, which aims to meet their needs while also appealing to a broader audience.
UBS reported a pre-tax profit of USD 2.13 billion, down 10% year-on-year, while net profit fell 3.6% to USD 1.69 billion, amid the ongoing integration of Credit Suisse. Despite these challenges, the bank attracted USD 32 billion in new assets in Wealth Management, showcasing its strong market position. Analysts remain cautiously optimistic, but UBS faces a balancing act between cost pressures and growth, with its share price currently 20% below its 52-week high.
Credit Suisse's management, under Urs Rohner and Tidjane Thiam, faced scrutiny for pledging valuable domestic mortgages to hedge funds through a special purpose entity, jeopardizing the stability of CS Switzerland. Despite the risks, key figures like Chief Risk Officer Serena Fioravanti have continued to advance in their careers, raising questions about accountability as the bank neared collapse in March 2023.
UBS is implementing stricter office attendance rules, requiring employees to be in the office at least three days a week, which has raised concerns about potential impacts on bonuses. A new digital dashboard monitors compliance, leading to anxiety among staff regarding their performance assessments. As job cuts loom following the Credit Suisse takeover, uncertainty within the workforce is growing.
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