In a surprising turn of events, UBS is set to continue its job cuts at Credit Suisse in 2024, with a reported 35,000 people being cut from the combined workforces. By the third quarter of 2023, only 13,000 of these cuts had been made. The integration process, which is expected to continue until 2026, aims to cut $10bn in costs from across the bank compared to 2022.

Fixed income salespeople and traders are likely to be the most affected by these cuts. UBS has expressed its intention to exit positions that do not align with its risk appetite, putting Credit Suisse’s remaining fixed income traders at risk. Many have already left for Deutsche Bank, while others are waiting to learn their fate.

One senior Credit Suisse trader commented, “Many people are just waiting to be shot, especially in trading. I feel bad for them. There’s not much communication or commitment, even to people who got the retention bonuses. It’s all been a bit tortuous.”

Some Credit Suisse employees are taking proactive steps. Jonas Schirm, an FX institutional salesperson at Credit Suisse in Zurich, has left to join Julius Baer as the head of FX Institutional sales. It is understood that Schirm received a retention bonus from UBS, indicating that he was one of the employees the bank wanted to retain. It is speculated that Schirm may be hiring at Julius Baer, with former Credit Suisse colleagues potentially being his first hires.

UBS has issued $500m of retention bonuses to Credit Suisse employees. Insiders report that the vesting schedules for these bonuses vary, with some not fully vesting until September 2024, while others become available in the first quarter.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇨🇭 🇩🇪
Sentiment	negative
Relevance Score	1
People	Sarah Butcher, Jonas Schirm
Companies	Deutsche Bank, UBS, Credit Suisse, eFinancialCareers, Julius Baer
Currencies	None
Securities	None