Former Credit Suisse staff who moved to UBS following last year's rescue merger can still take paid sabbaticals of up to three months, while their UBS colleagues cannot access the same benefit, according to reporting by the Financial Times.

The scheme, which allows eligible UK-based former Credit Suisse employees to request extended leave every five years, offers full salary for the first month, reducing to 80 per cent in the second month and 60 per cent in the third month.

This disparity in benefits has emerged as some former Credit Suisse employees in the UK remain on their original contracts nearly two years after UBS's takeover of its rival Swiss bank. The legal merger was completed in 2023.

"While the UBS and former [Credit Suisse] employee benefit packages vary in certain aspects, both are attractive and competitive with market terms," UBS said in a statement.

The Swiss banking group is currently implementing significant workforce reductions, having cut 10,000 positions since the 2023 takeover. From its current workforce of approximately 109,000, the bank aims to reduce headcount to 85,000 by 2026 through redundancies and natural attrition.

Cultural integration between the two banks has been a significant concern for UBS leadership. Colm Kelleher, chair of UBS, previously expressed worries about "cultural contamination," noting the bank would maintain "an incredibly high bar for who we bring into UBS."

The bank added in its statement: "By transitioning to UBS contracts, UBS employee benefits will generally apply. All employees are informed about their benefits and the way forward."

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