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Ermotti prepares employees for cuts: “difficult decisions”
The CEO of UBS has written to the CS staff, preparing them for layoffs
ZURICH – UBS’s new CEO, Sergio Ermotti, is preparing staff cuts in the context of UBS’ takeover of Credit Suisse (CS): there will be difficult changes and decisions, this Ticino-born wrote in a note today to CS employees.
The 63-year-old officially took over as CEO only yesterday after the general meeting of the banking giant, replacing Ralph Hammers. He had been named the new CEO by the board of directors a week earlier.
“While it is too early to speculate what the company will look like after the merger, you can rest assured that we will treat all staff fairly at both CS and UBS,” reads the statement, which was first seen by the British news agency. Reuters.
Vice-Chairman Lucas Goeller said yesterday at the meeting that it was simply too early to make assumptions about jobs: the integration of the two banks is “a daunting task, which in the short term will require more, not less, people. In the medium term, it is clear that We have to evaluate different options.In the long term it is also clear that synergies will be created.”
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