Hundreds of employees at Credit Suisse quit every week, according to media reports, in a sign of the uncertainty the bank faces when it is taken over by rival UBS.。

After the Credit Suisse crisis earlier this year, government agencies such as the Swiss Federal Ministry of Finance drew up rescue plans for it。As part of the plan, UBS agreed to take over Credit Suisse on March 19.。The two had previously been rivals, but Credit Suisse was smaller than UBS。

Although the Swiss authorities responded quickly, for Credit Suisse, it was not "all right" after the takeover.。Since the crisis, the shadow of a wave of employee departures within the company has been hanging over Credit Suisse's head。

An internal employee said in an interview that the main reason for leaving was because he was worried about his future at Credit Suisse, so he had to seek a more stable place to work.。Earlier this week, according to media statistics, about 150 people worldwide resigned from Credit Suisse every day, but people familiar with the matter said the number could reach about 200.。

In April, Credit Suisse disclosed financial data showing that the bank had more than 48,000 full-time employees at the end of the first quarter, a reduction of more than 2,000 full-time employees compared to the end of 2022.。

And even worse, at a time when Credit Suisse is "gloomy," a number of competitors around the world are "taking advantage of the fire" and quietly poaching its senior employees.。

Specifically, Spain's largest bank, Santander (Santander), has hired at least eight senior bankers from Credit Suisse and said it plans to poach more senior Credit Suisse employees in the future; Wells Fargo has hired Credit Suisse investment banker Jill Ford (Jill Ford) as head of its equity capital markets business; and Michael Strobaek (Michael Strobaek), chief investment officer at Credit Suisse for a decade, has also left。

UBS can only be anxious about the wave of employee departures。It comes after UBS said it had been eager to complete the acquisition by the end of the quarter, seeking swift approval from global regulators to provide greater certainty to Credit Suisse customers and employees.。Its chairman, Colm Kelleher, said last week that the deal would be completed soon in an attempt to stabilize the military.。

In addition, UBS also said in connection with the acquisition that it plans to close the investment banking business of Credit Suisse, which employs about 17,000 people.。At the same time, the Swiss government has pledged a guarantee of 9 billion francs to cover potential losses in the business.。In response, UBS's management said it would set a very high bar when deciding whether to retain any of Credit Suisse's investment banking staff。

According to a Credit Suisse source in Zurich, the bank is in a state of flux, with the largest number of employee departures in the investment banking division。"Not a day goes by without receiving a farewell email from inside the bank.。"At investment banks, the calls often go unanswered.。"

In addition to the layoffs, the rest of the staff did not have a better life, affected by the write-down of AT1 bonds, a number of executive bonuses have also been cancelled。Credit Suisse's top executives "unpaid 2022 bonuses have either been scrapped or cut, according to an order issued by the Swiss Finance Ministry.。The proposal put forward by the Swiss Federal Council last month said that bonuses for members of Credit Suisse's executive board would be eliminated, while bonuses for employees at the next level would be cut by 50 per cent and those below that level would be reduced by 25 per cent, a move that would accelerate the departure of employees.。

The bonus cancellation is said to have amounted to more than $400 million, and several Credit Suisse bankers have now filed a lawsuit against Swiss regulator Finma over their losses.。These bonuses may be linked to additional Tier 1 (AT1) bonds, which were previously fully written down.。

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