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.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Credit is the lifeline of the financial system’: Professor WuUniversity of Sydney's Head of Business and Finance Professor Eliza Wu says “credit is the lifeline” of the financial system and providing reliable credit throughout the economy fuels innovation and business performance. “Credit is the lifeline of the financial system so, of course, we want banks to be safe and sound and to be able to do their special job of providing credit throughout the economy,” Ms Wu told Sky News Business Editor Ross Greenwood. “That can fuel innovation, business activity and strong economic performance.”
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 »
‘Go woke, go broke’: Credit Suisse is in ‘all sorts of trouble’Sky News host James Morrow says Credit Suisse is in “all sorts of trouble”, but it looks like the Swiss government will bail the bank out. “Go woke, go broke,” Mr Morrow said.
Read more »
These seven power players will decide the fate of Credit SuisseA politician, an economist, and a mathematician are in the select group that will determine the fate of what was once Switzerland’s pre-eminent financial institution.
Read more »
Switzerland's largest bank in talks to save Credit SuisseCredit Suisse is in advanced talks with its larger Swiss rival UBS about a deal to salvage Switzerland's second-biggest bank, in a bid to reassure investors before the markets open next week.
Read more »
Why the Credit Suisse-UBS deal simply must get doneGlobal markets can’t afford for the takeover talks between UBS and stricken Swiss rival Credit Suisse to fail.
Read more »