Headhunters threw their nets at CS bankers

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Credit Suisse (CS) employees working in the front office have spent the last few days doing one thing in particular: reassuring indecisive customers. They are most concerned with themselves. It is unclear how they will continue their duties. Blick knows about the tears, curses, and exit fantasies going around right now.

The only thing certain is that the new super UBS will shut down investment banking while retaining the wealth and asset management of the acquired CS. No wonder CS bankers in London, New York and Singapore are besieging bounty hunters with calls for help, according to the Bloomberg agency.

Many CS workers looking around

“There’s a lot of anxiety among employees in Switzerland, but don’t panic,” says Jonas Neff, 43, of Biermann Neff in Zurich. His company has been in contact with numerous CS bankers “especially in the last 48 hours”. Neff does not believe the layoffs will be announced in the coming weeks.

But the personnel advisor knows that a lot is going on behind the scenes. And bankers are now using the time to evaluate their options. Whether with bounty hunters or through your own job search on your personal network or on relevant portals.

Other banks also fish here, hoping for a big catch. “Recruiting departments of various financial institutions are now proactively offering job opportunities – but not to the extent that they are willing to change,” Neff says.

Jean-Philippe Spinas, 54, Executive Search Director at Kienbaum in Zurich, explains briefly: “Private, regional and cantonal banks can now be selective in CS or even UBS.” After all, not everyone at UBS can get involved in job security: the inclusion of CS will trigger internal competition, of which UBS employees can also fall victim.

Neff assumes that 25,000 of the approximately 38,000 employees at CS and UBS in Switzerland will remain “in five years”. 13,000 jobs or 35 percent fewer staff!

Lack of skilled workers helps in this situation

“However, many employees are immediately absorbed by the market,” says Spinas von Kienbaum. According to the X28 job database, there are currently several thousand jobs advertised at financial service providers in Switzerland. “Companies that feel the shortage of skilled workers present new opportunities,” Spinas says. However, this may fuel the migration of CS workers.

According to the HR rule “Best comes first”, experts are more likely to be missed. “IT professionals or client advisors with a large client base are in great demand,” Spinas says. And: Those with more training and bringing flexibility and experience from a variety of companies and industries are easier. “It’s tough for those who have been in the same job in CS for a long time and have never had any training,” Spinas says. Staffing professionals do not believe in freezing layoffs for over 55s, as requested by the banking staff association’s Natalia Ferrara (41) on Tuesday.

Source :Blick