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PUK is working for CS emergency fusion. The Parliamentary Commission of Inquiry won’t really start work until the fall. Until then, UBS boss Sergio Ermotti, 63, wants to take the time to clear up the thousands of layoffs that have been speculated about in recent weeks.
Meanwhile, 120 investment bankers have already left Credit Suisse. It is also said that about 10,000 employees of the big bank have resigned. This is reported by the “Financial Times” based on their own sources. Deutsche Bank, Jefferies and Santander are said to be grateful recipients of former CS bankers. According to the financial newspaper, a total of 16 banks recruited individuals or entire teams from CS.
large-scale migration
Blick reported this week that poaching continues, the “Financial Times” wrote. At the same time, the bounty hunters are overwhelmed and the distrust of the CS staff is huge.
Interesting: The exit from the investment bank is apparently bigger than Team Ermotti assumed in their CS integration plan. According to the Financial Times, employees in other parts of the bank are said to have been laid off on a large scale. The newspaper writes that the number of employees has dropped by 10,000 since the end of 2022 to just 42,000.
As a reminder: CS announced in October 2022 that it will cut 9,000 jobs worldwide. Uncertainties about the current layoffs continue to church the rumor mill: 35,000 layoffs are mentioned in the new UBS.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
