Credit Suisse’s top brass fronted up to staff on Monday morning with a clear message.
That was the sentiment behind what Credit Suisse’s bosses told their Australian staff on Monday morning, as news filtered through about theCredit Suisse’s top brass in Australia will spend the next few months trying to work out what the UBS deal means for their teams and business.The takeover had nothing to do with the Australian business, its activity levels or client base - it was purely driven by offshore - was the pitch.
There was initial shock at the terms of the agreement - all of Credit Suisse worth only $4.5 billion - but none that it was UBS that swooped in to try to make the most of a messy situation. The two rivals spent the weekend in talks, at the instigation of the Swiss regulator, and staff were glued to news services to find out what it could mean.
Naturally, staff were distracted throughout the day. Rival investment bank bosses reckon CVs were flying around like confetti - but you’d expect them to say that. Fortunately, bonuses were paid last week. The UBS deal could take seven months to complete; whatever happens to staff, they would prefer to know quickly so they can get on with whatever comes next.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Proud of what we achieved’: Credit Suisse’s Aus bosses front staffCredit Suisse’s top brass fronted up to staff on Monday morning with a clear message.
Read more »
The staff memos Credit Suisse sent on job cuts, bonusesFollowing the news that Credit Suisse would be sold to UBS for $US3.3 billion, the beleaguered bank issued two internal memos to staff. Here are both internal memos, in full.
Read more »
Credit Suisse Aussie team in the dark on UBS takeoverCredit Suisse’s local bankers, analysts and traders are in the dark as their Swiss overlords talk to regulators and arch rival UBS about a mooted tie-up.
Read more »
UBS to take over Credit SuisseBeleaguered bank Credit Suisse is bought out by Swiss rival UBS as the nation's president says an uncontrolled collapse would have had 'incalculable consequences' for the international finance system.
Read more »
UBS to buy Credit Suisse in historic deal to end crisisThe Swiss bank is paying more than $US2 billion for its rival, according to people with knowledge of the matter.
Read more »
UBS to buy Credit Suisse in bid to avoid global banking crisisBREAKING: Banking giant UBS has agreed to buy its struggling smaller rival Credit Suisse, in a move aimed at easing fears of a global financial crisis. 9News
Read more »