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Employees of the Credit Suisse in the United Kingdom who were transferred to UBS when the two combined banks are still eligible for paid sabbatics unlike their colleagues, highlighting disparities in profit for almost two years after the merger of UBS rescue.
According to people familiar with details, some British staff who previously worked for Credit Suisse can take up to three months of sabbatics paid, an advantage offered by their former employer but not UBS.
As part of the program, the ex-employees of Switzerland of credits can request additional leave every five years. Employees received their full salary in the first month, falling to 80% in the second month and 60% in the third, said people.
Although the legal merger of the two banks was completed last year, some former employees of the Credit Suisse in the United Kingdom remained on their original contracts, which means that they were entitled to benefits offered by their Former employer, added the people.
The preservation of sabbatical leave from the Swiss era highlights a certain divergence from the advantages of group staff in the midst of the three -year integration of both lenders.
Banks used sabbatical leave to try to reduce professional exhaustion and improve retention, especially during the pandemic when there was pressure to improve the balance between employees and privacy.
However, large investment banks have started to row on advantages, with lenders such as JPMorgan Chase and Barclays in recent weeks requiring more regular office attendance.
UBS is in the middle of the job cuts, with 10,000 chopped roles since the takeover of 2023.
At the end of last year, he had a workforce of almost 109,000, but the managers target a workforce of 85,000 at the end of the integration process in 2026. The Financial Times previously reported that The reduction would come from redundancy and natural attrition.
The UBS bosses once feared the challenges of the integration of the staff of the Credit Suisse, since his former rival had been much more willing to accept risky customers.
After taking control, UBS president Colm Kelleher said that the bank was “worried about” cultural contamination “”, adding that he would have “an incredibly high bar for whom we bring in UBS”.
UBS said: “While UBS and the Ancients [Credit Suisse] The employees’ services vary in certain aspects, the two are attractive and competitive with the terms of the market. »»
He added: “By transitioning UBS contracts, the benefits of UBS employees will generally apply. All employees are informed of their advantages and the way to follow. »»
