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Credit Suisse employees in Great Britain who switched to UBS when the two banks, in contrast to their colleagues, are still justified for paid sabbaticals, and emphasize differences in the services of the employees Almost two years after UBS Rescue Fusion.
According to people who are familiar with the details, some British employees who have previously worked for Credit Suisse can do up to three months of sabbatical, a service offered by their former employer, but not UBS.
As part of the program, ex-Credit Suisse employees can request additional vacation every five years. The employees received their complete salary in the first month and fell to 80 percent in the second month and in the third, 60 percent, people said.
While the legal fusion of the two banks was completed last year, some former Credit Suisse employees in Great Britain remained in their original contracts, which means that they were entitled to services offered by their former employer, the people added.
The preservation of the Sabbaticals of Credit Suisse era underlines some divergence of the services that are offered to the group’s employees in the three-year integration of the two lenders.
Banks have used the sabbatical vacation to try to reduce the burnout of the staff and improve the bond, especially during pandemic, if there was pressure to improve the offer of employees.
However, large investment banks have started to row back to discounts, with lenders such as JPmorgan Chase and Barclays in the past few weeks have asked for more regular office workers.
UBS is located in the middle of job cuts, with 10,000 roles founded since the takeover of 2023.
It had a workforce of almost 109,000 by the end of last year, but the managers are aimed at 85,000 by the end of the integration process in 2026.
UBS bosses once feared the challenges of integrating the Credit Suisse employees because his earlier rival was much willing to accept risky customers.
After the takeover, the UBS chairman Colm Kelleher said that the bank was “concerned about” cultural contamination “and added that it” had an incredibly high bar for those in UBS “, with an incredibly high bar.
UBS said: “While UBS and the former (Credit Suisse) vary employee performance packages in certain aspects, both are attractive and competitive with market conditions.”
It added: “The transition to UBS contracts applies to UBS employees in general. All employees are informed about their advantages and the way forward. “
