Anxious Credit Suisse Staff Flood Recruiters Amid UBS Sale: Report

  • Credit Suisse staff have swamped recruiters across the globe amid the UBS deal, per Bloomberg.
  • It said one recruiting firm had 30 calls on Monday, while another spoke to 20 bankers since last week.
  • One recruiter told Insider they hadn’t seen such an influx of enquiries since the financial crisis.

Credit Suisse employees have inundated recruiters across the world with calls to find a new job as UBS struck a $3.25 billion deal to buy the bank over the weekend.

Bloomberg reported the news on Monday, citing people in the recruitment industry who were familiar with the matter and requested to remain anonymous. They told Bloomberg anxious employees have contacted recruiters in London, New York, and Singapore over recent days.

The day after Credit Suisse and UBS announced the acquisition deal, a recruiting firm in Singapore received around 30 inquiries from mostly Credit Suisse private bankers, the people told Bloomberg. The bankers were asking whether there were any vacant jobs on the market, the people added.

Since last week — when Credit Suisse’s share price dropped sharply — a Hong Kong-based recruiting company has spoken to more than 20 senior investment bankers at Credit Suisse, the people told Bloomberg.

Bharisha Mirpuri, senior client solutions manager at Randstad Hong Kong Recruitment Agency, told Insider she predicted there to be some turmoil in the Asian job market, but nothing significant.

It was a similar scenario in Europe. One industry headhunter based in the UK told Insider that the amount of job inquiries from Credit Suisse staff has stepped up for around a month.

“The speed at which I am receiving CVs and enquiries for roles is just remarkable,” they told Insider. “The last time this happened in my career was during the financial crisis.”

A headhunter based in London told Bloomberg that Credit Suisse staff flooded him with calls over the weekend. He added that the majority of the employees came from the bank’s equity division where there is overlap with UBS’s business, per the report.

Another firm which handles recruiting for managing directors told Bloomberg it has received calls about jobs, especially in the wealth division, since late Friday.

It comes as Credit Suisse workers told Insider they were bracing themselves for job cuts amid the acquisition, which UBS Chairman Colm Kelleher called “an emergency rescue.” One associate said some employees had been instructed to start looking for a new job.

A spokesperson at Credit Suisse told Bloomberg the firm was encouraging employees to “continue to the best of their abilities against a difficult backdrop.” They added that Credit Suisse will “do everything we can to ensure an orderly transition and to serve our clients as best as possible.”

Credit Suisse declined to comment when contacted by Insider, while UBS didn’t immediately respond to a request for comment.

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