100 City Traders at UBS put on risk of Redundancy

100 UK based staff at Swiss Bank UBS learnt they had lost their jobs, when they refused entry to their offices. The redundancies came as part of a worldwide cull of staff at UBS.

The first the UBS staff were aware that something was wrong was when their security passes did not work. The employees were escorted into a side room where they received a letter putting them on ‘special leave’ on full pay, told that they were at risk of redundancy and were under a period of consultation.

It has been reported that the dramatic steps were taken as UBS bosses could not risk allowing the staff to get to their desks and start trading huge sums of the company money on the stock market, knowing they were due to be laid off.

Can an employer do this? Yes, employers are entitled to remove employees from the workplace at the same time as notifying that they are at risk of redundancy. This is more likely to happen if an employee or employees have access to sensitive and confidential information as well as contact with clients. The employee or employees will however still continue to be paid.

For more information on this, please contact us on 01483 303636

Clare McDairmant, Solicitor, Just Employment Solicitors




Clare McDairmant, Solicitor, Just Employment, Solicitors.

This entry was posted in Employment Law, Just Employment Solicitors, Redundancy, Unfair Dismissal and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload the CAPTCHA.