2023-05-31 04:39:13
Up to 150 per day
Credit Suisse is shaken by a global wave of layoffs
According to reports, the Human Resources department at Credit Suisse receives 150 resignations every day. In many departments, various projects are also said to be on hold.
updated
Sergio Ermotti has recently returned to the helm of UBS.
imago images/Italy Photo Press
In mid-March, UBS AG took over Credit Suisse with debts.
IMAGO/Bjorn Trotsky
The uncertainty seems to be having an impact on employees.
IMAGO/BjörnTrotzki
Around 150 employees around the world are said to resign every day.
imago images/IP3press
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According to media reports, Credit Suisse receives around 150 notices of termination worldwide every day.
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Credit Suisse has not officially commented on the number.
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The integration into the new mega-bank should take another four years, which is why the bank is now hiring new employees.
With the Acquisition of Credit Suisse through UBS it is now the only big bank of the country and is headed by a Swiss in Sergio Ermotti. But the matter has a bitter aftertaste – jobs have to be cut because UBS has also brought risks of around 150 billion francs into the house with the takeover.
150 terminations daily
At the beginning of April, the “SonntagsZeitung” wrote that around 30 percent of the employees were going to be cut. However, this degradation now seems to have taken on a life of its own. As two independent sources are said to have put in the “Blick”, the human resources department of the new big bank receives around 150 layoffs every day. Credit Suisse has not yet officially commented on this number.
In investment banking in particular, as well as in the Asia-Pacific and America regions, the terminations should reach the HR departments almost every minute. This is due to the fact that UBS’s declared aim is to restrict Credit Suisse’s risky investment banking activities.
Wave of layoffs could destabilize day-to-day business
In many departments, the projects are also said to be on hold, at least until the takeover by UBS has been approved by all authorities. This should be the case in the next few days or weeks at the latest. In the worst case, the wave of layoffs could destabilize day-to-day business, since the full integration of Credit Suisse into the new mega-bank could take up to four years.
According to Blick, Credit Suisse should also hire new employees every day, for example in asset management, finance or operations, with permanent employment contracts, as is customary in the industry.
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