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Credit Suisse’s bankruptcy would have upset the global financial system – the takeover of CS by UBS is currently affecting the worldwide job market. According to the sustainability report, the bank employs 18,000 people in Germany. There are about 52,000 worldwide.
Lots of jobs are at stake, especially in Switzerland’s home market – but there are also fears of layoffs abroad. This is especially true in the major financial centers of London (UK) and New York (USA), where CS is heavily involved in investment banking. UBS is likely to close this line of business in the future to mitigate the risk of further billions of dollars in losses.
According to the British “Guardian”, 5,000 employees work for CS in London and 6,000 at UBS. “We’re rewriting all of our résumés,” a London CS employee told the newspaper. A CS employee in Switzerland made a similar statement to Blick a few days ago.
Tens of thousands of jobs are under scrutiny
In addition to bankers in London and New York, those in Singapore, Hong Kong and other CS locations are also interested. According to “Bloomberg,” bounty hunters around the world are heating up: CS workers are abandoning the sinking ship as quickly as they can. In Switzerland, jobs for recruiters are already full due to the bank merger.
It is not yet clear how many people will be laid off during the takeover of the bank. It could be thousands, maybe tens of thousands.
In Switzerland, affected bank employees can hope to find job opportunities in other companies and sectors due to the skilled worker shortage. Abroad it is somewhat different: in Great Britain, for example, there is a risk of a recession and Brexit continues to affect the country economically. The fear of CS employees is correspondingly great.
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.
