The wave of layoffs is on the horizon at UBS and Credit Suisse. While some employees are feeling anxious about their future, others are taking the time to reorient themselves and explore new opportunities. One such employee is a 50-year-old banker who has recently been terminated from his position at Credit Suisse. Despite being out of work for several months, he remains relaxed and optimistic about his prospects. He has turned down a job offer from the competition, citing lower wages and compromises on his bonus as reasons for not accepting it.

Another 50-year-old trader is also taking things easy at Credit Suisse, finding joy in wellness and spending time with old friends. While he isn’t particularly worried about his future, he is confident that something will be found for him soon. These positive attitudes are not shared by all employees, however. A staff member who worked at Credit Suisse during its merger with UBS feels that they have been doubled over by corporate staff, leaving one worker redundant in each function. Despite this, they have found work elsewhere in the consulting industry and many of their colleagues are also doing well.

The Swiss Employees Association lawyer Pierre Derivaz notes that while social plans at Credit Suisse/UBS are generous compared to other companies, they would look different if an emergency had arisen and mass layoffs were necessary. He points out that notice periods of just three to six months are common in these situations, with arrangements often not publicly announced. However, Derivaz notes that the big banks have been able to afford to pay for social peace due to their financial stability and the fact that there have been few mass layoffs in recent years.

While it’s hard to say exactly how many employees have resigned on their own initiative so far, it’s likely that top performers are taking advantage of the opportunity to decide when they want to leave rather than waiting for someone else to do it for them. While this may seem like a dream scenario for some employees, it comes at a cost – foregoing continued payment of wages with little work required at the big bank