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As the dust settles following the emergency rescue of Credit Suisse by UBS, fears of heavy job losses are growing.
Credit Suisse, which at the end of 2022 employed just over 50,000 people, was already in the middle of a wide-ranging job-cutting drive, with 4,000 positions slashed so far this year.
But the takeover is expected to result in many of Credit Suisse’s 17,000 investment bankers losing their jobs as UBS winds down most of the unit.
“We will be considerate employers, but we need to do this in a rational way, thoughtfully, and when we’ve sat down and analysed what we need to do.”
One firm in Singapore handled questions from some 30 mostly Credit Suisse private bankers about available jobs on Monday, while another recruiter in Hong Kong has been talking to more than 20 senior investment bankers since last week, the people said, asking not to be identified discussing confidential information.
Meanwhile, a firm that’s focused on managing director hires said it has received such calls since late Friday, especially for the wealth area.
