Union warns of job cuts over UBS relocation
Published
A workers' association is warning of a large-scale loss of jobs in Switzerland. The reason is a possible relocation of the major bank UBS. The union fears that many employees in Switzerland could lose their jobs if the bank moves parts of its business or administration abroad.
According to the association, employees in administration and client-facing areas would be particularly affected. The union says that the bank's plans mean great uncertainty for many families in Switzerland. It therefore demands that the bank inform the public early and openly about its plans and speak with the workforce.
UBS is one of the largest banks in the world and has its headquarters in Zurich. Since taking over Credit Suisse in 2023, there have been many changes in the Swiss banking sector. The bank must meet stricter capital adequacy rules, which further intensifies the debate about its location.
So far, UBS has not announced any final decisions on a relocation. The association has announced that it will continue to monitor developments closely. For employees in Switzerland, the situation remains unclear for the time being.
Sources: MarketScreener Schweiz
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