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Yes , Even I came across multiple known people who were asked to leave in the last 2 weeks
This is PMCSEC: Post Merger Credit Suisse Employee Cleanup.
This was meant to happen.
Now the question is "Are those employees eligible for Severance or not, if being asked to resign"
Can anyone answer?
Conversation Starter
Seems layoffs are mostly happening for DI and above levels
No thats not true, it’s happening at all levels
Location and function?
Community Builder
Yes. This has happened in my team. They fired my Manager.
Community Builder
Group functions - Mumbai
And yet My Manager is hiring more People.
We are hiring for AD roles
Community Builder
Can someone confirm if layoffs are happening across all locations?
SEVERENCE
Is there any notice period and severance pay given..share more details
Yes
Community Builder
Yes. Severance pay is there.
Monthly wages based on no. of years of service
Eg : if an employee has worked for 7 years, then 7 months of severance pay.
Let's say if an employee has worked for 5 years and have notice period of 2 months, so employee will get total 7 months salary Right?
Yes situation is bad
I have been at UBS for almost 4 yrs and not seen so much desperation and firing
Mumbai location group functions
Now the question is who had been asked to leave.
Existing UBS employees or merged Credit Suisse employees.
That defines the direction of these layoffs.
That's very clear. To save the cost to company of Gratuity Payment.
Community Builder
Existing UBS employee. The higher management got changed after the merger. Earlier it was UBS, post its CS people.
Happening across the board no bias as such
There will be more post this year end. Target is halving the strength. Not sure how it’s possible without disrupting day to day operations
Are people with lower salary ranges (EE, AO in non tech group functions) also prone to job cuts?
Later Yes
Since Mumbai location is going to shut down, the target is mostly Mumbai folks especially the ones not willing to relocate. Have heard situation is too bad.
Yes. I had been told by recruiter.
Although I had no issues for Pune location, I needed to understand why not at Mumbai.