Hundreds of Credit Suisse 's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS , two people familiar with the matter said on Wednesday.
the deal well before the end of this quarter, seeking swift approvals from regulators worldwide, to provide greater certainty for Credit Suisse clients and employees. Its chairman Colm Kelleher said last week it would happen "very shortly."when deciding whether to retain any of Credit Suisse's investment banking staff.
A banker from Credit Suisse in Zurich told Reuters the lender was in a state of flux, with its investment bank seeing the most staff departures.about 17,000 staff, and the Swiss state has pledged 9 billion Swiss franc in guarantees to cover potential losses from the operation. No day passes without receiving a goodbye email from someone across the bank, one of the two people said. At the investment bank, calls are often unanswered, he added.
Following an order issued by the Swiss Finance Ministry, senior managers at Credit Suisse are having their outstandingpayments for 2022 either cancelled or cut, a move which contributed to staff decisions to leave the bank, the person added. The merged bank will employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs.Stefania SpezzatiStefania is an award-winning reporter who covers European investment banking at Reuters. Based in London, she chronicles all things finance, break news and dig deep into the world's biggest banks.
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