Credit Suisse, which employs roughly 5,000 people in London, has moved to reassure its workers on the short-term outlook for their jobs after the troubled bank's future was taken out of its hands.
Embattled Credit Suisse has told its staff there is"no immediate change" to their jobs and it plans to complete bonus payments ahead of the bank's forced takeover by its larger domestic rival UBS.
As UBS shares tumbled on Monday in reaction to the deal, engineered by the Swiss National Bank, 50,000 staff including 5,000 in London waited anxiously for news on what it would mean for their jobs.The memo spoke of no immediate threat as the deal had not yet closed. Staff were told:"If redundancies prove necessary, we will communicate in line with prevailing country-specific guidelines and practices and with our applicable social partners."'People are recalibrating what they thought the risk was'
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