Staff at the Credit Suisse Asian offices expressed feelings of doubt over their futures at the company despite UBS’s agreement to acquire the 167-year-old bank in a state-backed rescue. Multiple employees are concerned about the prospect of being retrenched as part of the acquisition process.
“I don’t know if I get to stay, leave, or should I consider my options now?” one Southeast Asian-based banker commented. The banker also mentioned the pressure being faced due to clients requesting answers within 24 hours regarding the deal with larger rival UBS.
Late on Sunday, Swiss officials facilitated the 3 billion Swiss francs ($3.24 billion) takeover of Credit Suisse by UBS. The deal was backed with state funding.
Credit Suisse had been losing market share to UBS as well as major U.S. banks over the past few years, however, the bank remained the second-largest wealth manager in Asia, only behind UBS.
Over 50,000 people are employed by Credit Suisse across its wealth management, investment banking, and asset management operations. The bank operates over 150 offices in more than 50 countries.