The Luxembourg licenses of UBS and Credit Suisse have been confirmed. The social plans of Swiss banks have been signed.

The first wave of layoffs is currently scheduled for July, involving 70 to 80 employees. Initially 25 employees will be laid off, and then in the second phase, another 65 to 75 employees will lose their jobs.

Aleba, OGBL and LCGB unions Written in the joint communiquéguarantees, indemnities and premiums will be traded out.

In addition, there are social support measures and special conditions for employees over 50 years old.

Although the separation process could have been improved, the union regretted the situation that had occurred during the merger of the two banks.

The two banks in Luxembourg have a total of 900 employees.