Credit Suisse Employees Demand Freeze On Job Cuts

Credit Suisse and UBS must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees' Association (SBPV) said in an open letter to the country's parliament, John Revill reported for Reuters.

Photo Insert: Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total.

SBPV managing director Natalia Ferrara has written to lawmakers to demand they consider staff affected by the collapse of Credit Suisse and halt any job losses until the end of 2023.

"We ... call on you to support our demand for a freeze on layoffs by the end of 2023 in parliament," Ferrara wrote in the letter seen by Reuters. "Politicians must not shirk their responsibility," she added.

The Swiss parliament is due to meet in an extraordinary session on Tuesday to discuss the state-sponsored rescue of Credit Suisse which took place last month.

UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.31 billion) in a deal engineered by the government, the central bank and market regulator to avoid a meltdown in the country's financial system.

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"For the past three weeks, many of the approximately 17,000 employees at Credit Suisse and the 22,000 UBS employees have been looking at their future with uncertainty," said Ferrara, referring to the staff numbers in Switzerland.

Credit Suisse employs 45,000 people globally, while UBS has 74,000 in total.

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