The rescue acquisition of Credit Suisse by UBS, arranged by the Swiss government, has left thousands of bankers in limbo.
Driving the news
: UBS has shrunk its investment bank and publicly said it is not interested in taking on Credit Suisse's own division.as CS First Boston, led by board director Michael Klein. Sources say that the UBS rescue has scuttled that plan, and Klein is expected to negotiate some type of agreement that dissolves the spin off plan.
That leaves thousands of Credit Suisse investment bankers in the sales and trading, fixed income, capital markets, fixed income and other IB divisions waiting to lose their jobs once the UBS deal closes on June 1. They face a tough hiring market, as banks across the globe cut costs. In addition, the Swiss government said this week that it's temporarily suspending deferred remuneration granted to Credit Suisse employees in the years up to 2022.
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