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Thursday, February 22, 2024

Credit Suisse – employees leave

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Despite UBS’s takeover, Credit Suisse is still in trouble. As reported by Reuters, workers are worried about their future and are looking for more stable employment. According to the agency’s information, hundreds of employees leave the company every week, and the “Blick” daily writes about up to 150 resignations a day.

Reuters, citing two anonymous callers who are employees of Credit Suisse, reports that every week hundreds of people leave the bank for competitors.

The Swiss daily Blick reported that around 150 people around the world resign from their jobs at Credit Suisse every day, while one of the two people interviewed by Reuters said about 200 resignations a week. According to one of the agency’s interlocutors, not a day goes by without another farewell e-mail.

A Credit Suisse employee said that the decision to resign was certainly influenced by the order issued by the Swiss Ministry of Finance, according to which bonus payments for 2022 for senior employees are lower than originally intended or were canceled altogether.

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UBS acquired Credit Suisse

UBS agreed on March 19 to take over its smaller rival as part of the bailout. It was organized by the authorities after a market turbulence brought the lender to the brink of collapse.

Credit Suisse said in April that “staff churn has been higher over the past year” and that it had just over 48,000 jobs at the end of the first quarter. full-time employees. At the end of 2022, there were 50.4 thousand. full-time employees. One competitor stealing Credit Suisse’s staff is Spain’s Santander, which has reportedly hired at least eight CS bankers and has no plans to stop there, according to Bloomberg.

CS investment department to be liquidated

Meanwhile, UBS is scrambling to close the deal before the end of the current quarter. The bank is seeking swift approval from regulators around the world to provide greater certainty for both employees and customers.

UBS management has said it will set a very high bar when deciding to retain any of Credit Suisse’s investment banking staff.

UBS said it plans to liquidate Credit Suisse’s investment banking division, which employs around 17,000 people. employees, and the state has committed to provide guarantees of 9 billion Swiss francs to cover potential losses from this operation.

The combined bank will employ 120,000 people. people worldwide, although UBS has already said it will cut staff to cut costs.

Main photo source: O_P_G / Shutterstock.com

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