Suryaa Business Desk: If leading Swiss banking giant UBS moves its headquarters or key operations outside the country, Switzerland will face a huge... Swiss banking giant UBS is at risk of huge job losses in Switzerland if it moves its headquarters or key operations outside the country, the employee unions have strongly warned. According to international media reports, the decisions taken by UBS in the wake of changes and new regulations in the banking sector will have a profound impact on the local workforce. Labor unions are concerned that job cuts in the banking sector, which is the backbone of the country's economy, will lead to a serious social crisis.
After the Credit Suisse merger, the expanded UBS firm is reorganizing several key divisions as part of measures to cut operating costs. It is in this context that news of plans to shift headquarters operations to other financial centers is causing sleeplessness among Swiss employees. The representatives of the employees are seriously wrong that domestic employment opportunities will burn and thousands of professionals will fall on the road. They make it clear that taking such decisions is not the right way for an organization that has to follow government regulations.
These developments have caused a great uproar in the government circles of Switzerland. The government has focused on this issue very closely with the objective of economic stability of the country and protection of employment. As every decision taken by the banking giant will affect millions of investors and employees in the country, negotiations are underway to avoid any ill-advised decisions. It remains to be seen what the agitations of trade unions and government intervention to protect the interests of employees will lead to in the coming days.