UBS has started hollowing out Credit Suisse bankers from Sydney and Melbourne as the bank commences layoffs around the world.
Credit Suisse’ local senior investment bankers were told there are no positions for them as its former rival-turned-employer UBS commences layoffs at Credit Suisse offices around the world.
Credit Suisse high earners are expected to be surplus to requirements at the combined group, the people said. That prompted many former Credit Suisse managing directors from investment banking and equity sales and trading to seek new roles elsewhere. Globally, UBS plans to cut more than half of Credit Suisse’ workforce. Bankers, traders and support staff in London, New York and some parts of Asia are expected to bear the brunt of the lay-offs.
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