Credit Suisse will cut thousands of jobs. The bank employees' union complains it is unclear to what extent the bank's Swiss operation will be affected. It is calling for ex-chairman Urs Rohner to be held accountable.

The Swiss Bank Employees Association (SBPV) is taking Credit Suisse to task. Due to the misguided policies in past years, the business model is being realigned worldwide combined with massive job cuts, it said in an emailed statement Thursday.

Credit Suisse announced on Thursday it will reduce the number of jobs from 52,000 currently to 43,000 by 2025. 

Devastating Situation

Against this backdrop, SBPV is demanding clarity on the bank's plans for Switzerland. After all, employees in Switzerland should not pay the price for the misguided business policy pursued by parts of the group's executive board in recent years.

Instead, the old guard around former chairman of the board Urs Rohner should take responsibility, SBPV added. «They maneuvered Credit Suisse into this disastrous situation and should at least have the decency to pay back their bonuses,» the association writes.

In an interview in September with Swiss business magazine «Bilanz», Rohner left unanswered whether he would repay his bonus which he holds in around 320,000 Credit Suisse shares.

SBPV is critically following further developments and is in contact with those responsible at the bank and if necessary will intervene with the bank, it said.

Social Safety Net

A social plan exists for Credit Suisse in Switzerland, which the bank concluded with the staff commission and the SBPV in 2016. Its purpose is to make a job reduction socially responsible and to support employees affected by a job reduction in their internal or external career continuation.

Specifically, affected employees can find a new job during a reorientation phase of up to 12 months. In addition, the social plan offers early retirement with financial support from the age of 58. In recent years, thanks to the social plan, the vast majority of affected employees found an internal or external job.

The SBPV's message to Rohner is clear. You helped get Credit Suisse into this mess, now pay for it.