![]() If your job involves risk-managing complicated structured products with a long run-off period, then you’re likely to be safe for as long as it takes to run down your risks, which could be quite a while. In fact, the only safe jobs outside of wealth management are, slightly ironically, in the bits of business that UBS doesn’t want. According to people close to the decision, UBS had originally planned to take the top 20% of advisory bankers in each sector, but quickly found out that by the time the deal was completed, many of the people they had wanted to retain were already gone. But in the case of Credit Suisse, the damage was already done. Normally, banks try to be a little bit careful after an acquisition, to avoid damaging the franchise. It seems that the all of bankers who rushed for the exit earlier in the year may have inadvertently made things worse for their colleagues who stayed behind. The only people who are likely to be able to enjoy the summer break in peace are private bankers, particularly in Asia, most of whom UBS is attempting to retain. Nearly all roles in London and New York are at risk, front-, back- or mid-office. The first is scheduled for the end of July, then another one in September and a final mopping-up exercise in October. The cuts are going to come in three waves, starting this summer. The only crumb of comfort is that this figure appears to be calculated on the basis of the 45,000 employees that CS had at the time of the merger, so it includes the roughly 10% of CS bankers who have already left. UBS has announced that it plans to get rid of at least half of the Credit Suisse workforce. ![]() The news is not exactly unexpected, but it’s still a shock.
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