Credit Suisse staff have been inundating recruiters with calls seeking out new job opportunities as the embattled bank prepares to be taken over by its rival UBS.
Recruiters from Singapore to Hong Kong and London have been fielding calls in recent days from Credit Suisse staff, according to a Bloomberg report citing people from more than a dozen firms with knowledge of the matter.
One firm in Singapore handled questions from more than 30 mostly Credit Suisse private bankers about available jobs on Monday, the report said.
Another recruiter in Hong Kong has reportedly been talking to more than 20 senior investment bankers since last week.
Further, a headhunter in London told Bloomberg they had been fielding calls all week, particularly from employees in the equities division where the overlap with existing business at UBS is extensive.
When asked by Bloomberg about the situation, a Singapore-based Credit Suisse spokeswoman told the publication: “We are encouraging colleagues to continue to the best of their abilities against a difficult backdrop. Ultimately, we will do everything we can to ensure an orderly transition and to serve our clients as best as possible.”
In an attempt to stop its employees from jumping ship, earlier this week the bank reassured staff they would continue to receive bonuses and pay rises as planned this year despite the takeover by UBS.
“We will continue to honour our obligations and already communicated salary increases will still be effective from April 2023,” the memo said.
In the same memo, Credit Suisse told its employees: “It remains critically important that you continue to come to the office or work according to your agreed pattern.”
UBS’ US$3.2bln takeover of Credit Suisse is not expected to be completed until the end of the year.
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