After a year of excellent results UBS close a fifth of branches across Switzerland

«The moment is difficult - begins Natalia Ferrara, head of the Swiss Association of Bank Employees (ASIB) in Ticino - at times dramatic in our canton. In the midst of the second pandemic wave, ahead of the third, it is not acceptable that the largest and most solid bank in Switzerland, which operates in one of the few sectors that does not suffer from the Covid crisis, is now closing one in five offices . UBS has again recently made billions in profit, made possible thanks to the commitment of employees. After such a tough year, the reaction throughout Switzerland, is one of disbelief and discouragement. Our phones have not stop ringing, not only employees, also customers, traders, and other activities of the economic fabric are wondering how it is possible that such essential services will be canceled in just two months». The delicate themes, Ferrara explains, are different. First, there are no guarantees for the staff. «UBS said that no layoffs are planned for the moment. Experience teaches us that similar restructuring leads to the redundancy of some functions and therefore to cuts. Today, relocation is more difficult than ever, just think that some of the people fired by UBS in January 2020 have not yet found a new job». Furthermore, there is the systemic importance of UBS and its services: «Banks were open during the pandemic, just like grocery stores, because they carry out an activity considered essential. The staff worked night and day, including weekends, to cope with the peak. Today they learn that savings are being made in Switzerland by closing 44 branches, but in Asia the staff doubles. Last year, 28 branches had already been closed. ASIB therefore asked UBS to freeze these further closures, provide guarantees for employees and plan a transparent reduction in the medium - long term and not one piece at a time».