UBS, Switzerland's biggest bank, has finalized its plans for a relocation of jobs from its branch in Luxembourg – with more than one in ten being axed.
UBS originally had planned to cut 60 jobs in the middle and back offices in Luxembourg and to relocate some of them to Poland, where labor costs are much lower than in the Grand Duchy.
The bank has now finalized its plan and has decided to remove 56 jobs, according to a report by «L'essentiel», a newspaper in the Grand Duchy, last night.
Redundancy Plan Agreed
The local bank branch and the unions agreed on a redundancy plan. The bank aims to minimize the negative effects of the job cuts on its employees and to offer other jobs within the bank or early retirement to the affected personnel. The management will also receive additional training for which UBS has earmarked a budget.
UBS in Luxembourg Kirchberg currently employs 420 people.
