A union demands that the social partners can participate in negotiations

Faced with the difficulties of Credit Suisse, the authorities would push for a quick fix. But the bank employees’ union would like to have its say. He “demanded” Sunday the participation of the social partners in the discussions concerning the future of Credit Suisse, given the “enormous” stakes for employment.

The Swiss Association of Bank Employees (Aseb) “demands the immediate establishment of a task force”, a team which tackles the problems of “jobs at risk”, writes the union in a press release. “No decision should be taken before the social partners are included” in the discussions, he adds. “For the approximately 17,000 employees of Credit Suisse in Switzerland, what is at stake is enormous,” insists Aseb.

An offer from UBS according to the FT

The union stresses the need for measures to cushion the “dramatic” economic consequences for employment. The Swiss authorities engaged in a race against time on Sunday to find a solution before the opening of the Swiss Stock Exchange on Monday in order to save the bank, in turmoil, and failing to reassure investors.

According to several media, the Swiss authorities are moving towards a takeover of all or part of the bank by its Swiss competitor UBS. According to the Financial Times, the first Swiss bank has made a billion dollar offer for the ailing bank

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