Thousands of UK jobs at risk after UBS takeover of Credit Suisse

Understanding the Impact of Industry Consolidation

Mergers and acquisitions in financial services typically bring restructuring and redundancies. The Swiss government forced through the UBS-Credit Suisse deal with $3.25bn (£2.65bn) of support and state backing worth 260bn Swiss francs (£230bn). UBS aims to save $8bn in running costs by 2027, signalling broad cost-cutting. Investment banking roles are expected to bear the heaviest losses, while one source suggested up to 20% of workers could go in other areas. In addition, Switzerland has temporarily suspended already-granted but deferred bonuses for years up to 2022, except where payouts are already in progress.

For individuals, this means possible job loss, deferred pay, or changed responsibilities. Yet such shocks also speed up trends already underway: remote collaboration, project-based hiring, and demand for niche expertise. Rather than waiting for certainty from employers, professionals should update CVs, refresh LinkedIn profiles, and reconnect with contacts. Visibility and readiness matter most in volatile periods.

Building a Freelance or Consulting Safety Net

A freelance or consulting side stream can cushion the impact of sector volatility. Even full-time employees can offer specialised services—financial modelling, risk assessment, regulatory support, or Excel automation—on a part-time basis. This brings extra income, skill diversification, and access to new clients. Platforms such as Upwork, Fiverr, and LinkedIn ProFinder help locate short-term gigs, while professionals in markets like Nigeria are already serving UK, US, and European clients in bookkeeping, analysis, and tax preparation.

Start small: offer one service to a trusted former colleague or contact, gather feedback, and build testimonials. Over time, the side stream can grow into a dependable income source or a full-time transition.

Upskilling for the Evolving Finance Landscape

Skills tied to legacy systems or narrow product knowledge are most at risk. Demand is rising for professionals who can combine finance with technology, data, and sustainability. Useful areas include financial data analysis using Python or Power BI, ESG reporting, digital payments, and blockchain basics. Coursera, edX, and LinkedIn Learning offer affordable courses, often with free core content.

Proficiency in SQL or Tableau, for example, can open doors in fintech, investment analytics, or corporate strategy—fields less exposed to traditional banking merger risk. Combining local market insight with globally recognised credentials makes candidates stand out in a remote-first economy.

Mastering Remote Work and Virtual Collaboration

Remote work, accelerated by the pandemic and now reinforced by sector uncertainty, is here to stay. Finance professionals need strong virtual communication, asynchronous collaboration, and digital self-management. Clients and employers value people who deliver without constant oversight.

Invest in a reliable setup—fast internet, noise-cancelling headphones, and ergonomic equipment—and in soft skills such as clear writing, proactive updates, and effective virtual meetings. Freelancers should also set deliverables, timelines, and payment terms in writing from the start, which prevents misunderstandings and builds trust with clients they may never meet.

Pricing Your Services with Confidence

New freelancers often undervalue their work, which can signal inexperience and limit income. Research market rates on Glassdoor, PayScale, and freelance forums. In finance, hourly rates vary widely: a junior analyst might charge £20–£30, while experienced consultants in financial modelling or Forex risk can command £50–£100 or more. Remember to factor in taxes, software subscriptions, and admin time.

Frame pricing around value, not just time. Instead of saying, “I charge £50/hour,” say, “I help clients cut reporting errors by 30%, saving hours each week.” This shifts the conversation from cost to outcome and makes fees easier to justify.

Navigating the Gig Economy Wisely

Gig work offers freedom but lacks sick pay, pension contributions, and guaranteed leave. Treat it as a business: invoice promptly, save for taxes, and keep learning. Build an emergency fund covering three to six months of living expenses to handle dry spells or late payments.

Use accounting tools such as Wave or QuickBooks Self-Employed to track income and expenses, and protect your reputation by delivering on time, communicating clearly, and asking for feedback after each project. In the gig world, your reputation is your CV; one strong referral can lead to repeat clients.

What this means

The turbulence in London’s financial sector shows that no career is entirely immune to change. But within every disruption lies a chance to grow, adapt, and redefine success. For finance professionals—whether in Lagos, London, or elsewhere—the way forward is not to resist change, but to prepare for it. By developing versatile skills, embracing flexible work models, and building a personal brand rooted in reliability and expertise, you can do more than survive industry shifts: you can thrive in them. Start where you are, use what you have, and take one deliberate step today toward a more resilient, self-directed career.