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Old 28.10.2020, 17:36
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Covid And Redundancies

Hi all

Do you think todays annoucememnt on covid will make any difference to employers who are preparing cuts ??

I work for one of the big swiss banks and I wonder if they will stop cost cutting because of the covid news today???

Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity or is that not the way it works in swisstzerland
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Old 28.10.2020, 17:53
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Re: Covid And Redundnacies

I doubt it makes any difference.
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Old 28.10.2020, 17:57
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Re: Covid And Redundnacies

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Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity
They are banks, listed on the stock market. On what planet do you live?
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Old 28.10.2020, 18:56
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Re: Covid And Redundancies

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Hi all

Do you think todays annoucememnt on covid will make any difference to employers who are preparing cuts ??

I work for one of the big swiss banks and I wonder if they will stop cost cutting because of the covid news today???

Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity or is that not the way it works in swisstzerland

Really? You work in one of the big banks and don't know about how much credit suisse cared about closing several NAB offices and firing employees?
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Old 28.10.2020, 19:04
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Re: Covid And Redundancies

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Really? You work in one of the big banks and don't know about how much credit suisse cared about closing several NAB offices and firing employees?
i really dont - if you can share the story link I can read it - Is this recent???
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Old 28.10.2020, 19:17
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Re: Covid And Redundnacies

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They are banks, listed on the stock market. On what planet do you live?
Banks which have a return below their cost of capital, terrible businesses & I would never invest in one. High gearing makes the return look acceptable but at what risk? UBS is capitalised at about 1/3 of it's value the day the merged with SBC about 23 years ago.
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Old 29.10.2020, 06:53
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Re: Covid And Redundancies

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... Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity or is that not the way it works in swisstzerland
I doubt, they are interested in making money.
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Old 29.10.2020, 09:20
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Re: Covid And Redundancies

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I work for one of the big swiss banks and I wonder if they will stop cost cutting because of the covid news today???

Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity or is that not the way it works in swisstzerland
Banking is a commodity industry these days, so no cost cutting is not going to stop and once that has run itís course it will be followed by a serious of consolidations. There is a lot more job losses on the way no matter what the virus does.
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Old 29.10.2020, 09:26
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Re: Covid And Redundancies

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Hi all

Do you think todays annoucememnt on covid will make any difference to employers who are preparing cuts ??

I work for one of the big swiss banks and I wonder if they will stop cost cutting because of the covid news today???

Basically do you think they will be embarrassed to fire people to cut costs for the bad publicity or is that not the way it works in swisstzerland
1. No, if anything quite the opposite

2. The Swiss banks haven't really cut costs relative to their industry, particularly the big ones who seem incapable of finding economies of scale which should have made them really competitive.

3. That's not the way it works in life, your location in Switzerland is irrelevant.
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Old 29.10.2020, 12:53
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Re: Covid And Redundancies

Wasn't there another thread just about this subject this week? Mods, perhaps you can join them?
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Old 29.10.2020, 20:51
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Re: Covid And Redundancies

Hsbc and some other Uk banks stopped cost cutting earlier on this year to prevent embarrassment. Thatís why I asked
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Old 29.10.2020, 21:12
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Re: Covid And Redundancies

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Hsbc and some other Uk banks stopped cost cutting earlier on this year to prevent embarrassment. Thatís why I asked
They may have paused, but it was probably more due to uncertainty than embarrassment.

The latest news:

Aug 4, 2020 ó HSBC will accelerate its major cost reduction programme to overhaul the global markets and banking division and cut around 35,000 jobs, following a temporary suspension due to the coronavirus pandemic.
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Old 29.10.2020, 23:54
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Re: Covid And Redundancies

I worked in the City back in the 80s, when everything crashed it was pretty normal to hear about banks firing 3 or 400 people first thing in the morning. You just took a deep breath and were glad it wasn't you that time round. My turn came in 1991, about 6 months before the Japanese bank I worked in was hit by a major scandal involving insider trading and the Yakuza
I was lucky as I'd gone to work for another bank by then, the people made redundant immediately after the scandal found it very difficult to get hired and many left the City.
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Old 30.10.2020, 00:03
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Re: Covid And Redundancies

tbh I've not heard of any company doing this out of goodwill. In Italy they simply banned firing people when the first wave came lol
and now it's been pushed out to the end of january at least.

In Switzerland plenty of companies are firing. But most of those that do already had structural or existential problems before, corona just pushed them over the edge. I have yet to see a healthy company in a sector that has a chance in switzerland go belly up, if they weren't targeted directly by the measures.
Banks are surely going to go on firing as there is still quite some adjusting to do in this country.
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