UBS-Credit Suisse merger prompts voluntary redundancies and retention of bankers in Asia.
Credit Suisse traders are hoping to take voluntary redundancy as the bank nears its merger with UBS. Credit Suisse's cash bonus clawbacks have prevented some traders from leaving, but UBS may negate the clawbacks and encourage them to leave once the deal is finalized. However, UBS is unlikely to jettison Credit Suisse staff immediately and will take at least two months to decide who they want to retain. Few people in Credit Suisse's European markets team expect to still be around in 2024.