MADRID, 20 Mar. (EUROPA PRESS) –
The leadership of Credit Suisse has warned the bank’s staff of the possibility of job cuts after the agreement for UBS to take over the bank for some 3,000 million Swiss francs (3,037 million euros), according to reports ‘Financial Times’.
According to an internal memorandum of the entity to which the British newspaper has had access, the president of Credit Suisse, Axel Lehmann, and the bank’s CEO, Ulrich Körner, have confirmed to the staff the agreement for the merger with UBS, a movement that they hoped to complete by the end of 2023.
In a separate FAQ document, the bank would address different topics, including salaries, bonuses and other changes, including an adjustment of business lines and layoffs in connection with the merger with UBS.
“We are working diligently and steadily over the next period to identify which roles might be affected,” the document stated. “Where necessary, we will communicate with affected people in accordance with country-specific guidelines and policies,” he noted.
Speaking to SRF, UBS CEO Ralph Hamers avoided providing details about possible workforce adjustments after the Credit Suisse acquisition, noting that there is no plan yet and stressing that there are always synergies when banks merge. .
In any case, Hamers has emphasized the different risk culture of the two entities, pointing out the importance of transforming Credit Suisse’s investment banking business into a “light investment bank”, as UBS has done. “We are not at as much risk,” she pointed out.
