Rival financial institutions have poached over 120 senior investment bankers from Credit Suisse, reducing redundancy packages at UBS after its takeover of the struggling bank.
Deutsche Bank has recruited around 40 former Credit Suisse bankers globally, while Jefferies has brought on at least 25, and Santander has hired over 20, according to reports.
Additionally, 16 other banks have made hires, with more expected in the coming weeks, primarily focusing on junior staff.
The rate of departures from Credit Suisse’s investment bank has exceeded UBS’s expectations, as rivals have taken advantage of the situation to attract experienced bankers and their teams.
Analysts have predicted that UBS may face up to $10 billion in restructuring costs over the next four years due to the $3.5 billion takeover.
While UBS aims to retain key Credit Suisse bankers, the lack of activity in the investment bank post-acquisition has prompted considerations of deeper cuts.
Credit Suisse has downsized its workforce from 52,000 to 42,000, and USB-Credit-Suisse could slash up to 20,000 roles.
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