UBS Cuts Notice Periods For Certain Switzerland-Based Employees

Tom Burroughes

16 May 2016

in Switzerland has reduced notice period for staff to three months from six, a policy that comes into force from 2017, this publication understands. The change is designed to match global standards at the Zurich-listed firm.

The new policy taking effect in the Alpine state comes into force on 1 January, applying to employees with ranks of director, executive director and managing director.

Last week, as reported here, UBS brought in a former CEO of Germany’s Commerzbank, Martin Blessing, to take over from Lukas Gaehwiler as president of its personal and corporate banking division, and as president of UBS Switzerland. The appointment takes effect at the start of September. Blessing was a board member at Frankfurt-listed Commerzbank for 15 years, half of which he spent as chairman.

Earlier in May, UBS reported that its wealth management business (excluding Americas) delivered an adjusted profit before tax of SFr636 million ($669 million), a rise of SFr131 million from the prior quarter, despite the lowest transaction volumes recorded for a first quarter, and reflecting lower net expenses for provisions for litigation, regulatory and similar matters. For the entire firm, net profit attributable to shareholders fell, however.