The wave of layoffs is coming at Credit Suisse, but employees are staying positive. They are taking the time to reorient themselves and find new opportunities before they leave the company. Many of them have received outplacement and career consultants advice to quickly move on.
One Credit Suisse employee who is being terminated says he is relaxed about the situation. He has found a job offer from UBS, which he turned down because it would require him to compromise his bonuses and take a lower salary. He also has a notice period of twelve months, giving him plenty of time to find something else.
Another employee who worked as a trader is enjoying the opportunity to focus on wellness and catch up with old friends during this time of transition. He’s not particularly worried about finding a new job, as there are many opportunities available in the greater Zurich area.
Despite some complaints at a high level, most Credit Suisse employees seem to be doing well and finding good alternatives. The bank’s social plans also help ensure that employees are able to reorient themselves without too much stress or financial hardship.
Pierre Derivaz, lawyer at the Swiss Employees Association, notes that social plans in emergency situations tend to be less generous than at Credit Suisse/UBS. Notice periods of just three to six months are common, and mass layoffs have become more frequent in recent years.
