Following 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.
A addressing subjects including job security, pay, bonuses and pensions – and a memo signed by chairman Axel Lehmann and CEO Ulrich Korner.
Today’s announcement indicates the agreement to merge Credit Suisse and UBS and is subject to necessary approvals. We expect the merger is expected to close by the end of 2023 and until such time we will continue to operate as close as possible to “business as usual”, focused on serving our clients. We want to reassure you that we are fully committed to managing this process with transparency and openness, to treating everyone with fairness and respect and to ensure that you are kept up to date as decisions are made to minimise uncertainty and disruption.Both companies have a history of treating employees who are impacted from a reduction in force with fairness and of providing severance that is consistent with the practices in the markets in which we operate.Yes.
The Swiss Federal Council retain the right to wholly or partially restrict variable compensation or prescribe adjustment to the Credit Suisse remuneration. Should this be requested and required we will communicate at the earliest opportunity.20. What will be the impact on my deferred awards if the buyer values shareholder equity at little or zero?21.
The merger transaction remains subject to customary closing conditions and is expected to be consummated by end of 2023. Please note that there is no immediate impact on our clients and on our day-to-day working operations. Our branches and global offices will remain open, and all colleagues are expected to and should continue to come to work.
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