Unlock Editor's Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
Unlike their colleagues, the two banks, the UK Credit Suisse employees who transferred to UBS when they were eligible for paid sabbatical, are staff disparities almost two years after the UBS rescue merger It emphasizes.
Some UK staff who previously worked at Credit Suisse can take paid sabbaticals for up to three months, according to those familiar with the details.
Under this scheme, former CREDIT SUISSE employees can request additional leave every five years. Employees were paid in full in the first month, with a drop of 80% in the second month and a third salary down to 60%.
The legal merger between the two banks was completed last year, but some of the former UK Credit Swiss employees remained in the original contract. That is, people added, they were entitled to benefits provided by previous employers.
The preservation of Credit Swiss Ella's sabbatical highlights some differences in the benefits provided to group staff during the three-year consolidation of the two lenders.
Banks have used sabbatical leave to try to reduce staff burnout and improve retention, particularly during the pandemic, where pressure was on improving work-life balance for employees.
However, large investment banks have returned to perks. In recent weeks, lenders such as JPMorgan Chase and Barclays have requested more regular office attendance.
UBS is in the middle of a job offer and has had 10,000 roles since its acquisition in 2023.
By the end of last year, it had a workforce of nearly 109,000, but executives are targeting 85,000 people by the end of the 2026 consolidation process. The Financial Times previously reported that it was due to redundancy and natural wear.
The UBS boss once feared the challenge of integrating Credit Swiss staff, considering that his former rival was far more willing to embrace high-risk clients.
After the acquisition, UBS Chairman Colm Kelleher said the bank “is worried about 'cultural pollution'” and added that it has “an incredibly expensive bar for those who bring it to UBS.” .
UBS states: [Credit Suisse] Employee benefits packages differ in certain aspects, both are attractive and competitive in market terminology. ”
“By moving to a UBS agreement, benefits for UBS employees are generally applied. All employees are informed of their own interests and paths to come.”
