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The Swiss Bank Employees' Association (SBEA) and leading trade unions in Switzerland are demanding that UBS (UBS) and "Credit Suisse" (Credit Suisse) stop all redundancies by the end of the year, writes the British publication "Financial Times".

"A storm is brewing and no one knows whether it will not be caught in it," representatives of the Association of Swiss Bank Employees announced today to journalists.

The trade union and the influential Swiss Confederation of Trade Unions (USS/SGB) have called for the immediate formation of a task force to oversee any redundancies at the merged bank, which will be formed when the deal to buy struggling Credit Suisse closes. 

UBS closes deal to buy Credit Suisse

"The takeover (of Credit Suisse by UBS - note ed.) threatens to lead to the redundancies of so many employees that new jobs in the banking sector will not be available for everyone. If taxpayers' money is used to save a company, it must first of all support its employees. Saving a bank also means saving jobs," announced the leading trade union organization of bank employees in Switzerland, notes BTA.

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