CS is now losing staff after losing customers

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The bad news at Credit Suisse (CS) never ends. Terrible results, low share price, takeover speculation, underperformance in real estate funds, loss of a major shareholder, postponement of the annual report, even climate activists attacking the bank – all this puts a strain on the staff. Which is now getting more and more competitive.

The contest announces new arrivals from Credit Suisse almost every week, “Tages-Anzeiger” reads. It is not clear whether these are actively recruited or whether they change on their own. However, both the Swiss domestic market and international branches are affected. In some cases, entire teams are leaving Credit Suisse or Board members, such as Anke Bridge Haux, who moved to LGT Bank. Alain Schmid, the new boss of Schaffhauser Kantonalbank, also comes from Credit Suisse.

Credit Suisse says a large number of positions have been filled in recent months at all levels. This illustrates the fact that CS is still an attractive employer.

Potential outflow of client funds

Financial bounty hunter Klaus Biermann believes troubled employers have a harder time attracting good candidates. Additionally, many of CS’ competitors want to attract skilled workers. It has to defend itself with «standby bonuses».

The bottom line is to keep consultants with wealthy clients from leaving. It is not unusual for them to take their clients’ assets with them to the new bank. Credit Suisse, which lost 123 billion francs in client funds last year alone, must prevent this from happening.

But in the meantime, banks like CS have better insured themselves against such events. By serving the needs of affluent clients less with individuals and more with whole teams. It is almost impossible to completely remove them from an employment relationship. (rae)

Source :Blick