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"Many Credit Suisse traders are just waiting to be shot by UBS"

If you thought that UBS finished cutting jobs at Credit Suisse in 2023, then prepare for a surprise in 2024. 35,000 people are reportedly being cut from the combined Credit Suisse and UBS workforces, of which only 13,000 had been cut by the third quarter of 2023. The integration process, which will continue until 2026, is due to cut $10bn in costs from across the bank versus 2022.

More cuts are coming in 2024. They will be copious.

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Fixed income salespeople and traders are likely to be the worst affected. UBS has made it clear that it intends to exit positions that don't match its risk appetite, and Credit Suisse's remaining fixed income traders are most in danger of being misaligned. Many have left already for Deutsche Bank. Others are waiting to find out their fates.

"Many people are just waiting to be shot, especially in trading," says one senior Credit Suisse trader. "I feel bad for them. There's not much communication or commitment, even to people who got the retention bonuses. It's all been a bit tortuous."

Some Credit Suisse people are taking matters into their own hands. Jonas Schirm, an FX institutional salesperson at Credit Suisse in Zurich, has left to join Julius Baer, where he will be head of FX Institutional sales. Credit Suisse declined to comment and Schirm didn't respond to a request to comment, but it's understood that he received a retention bonus from UBS and was by implication one of the people the bank wanted to keep. 

Schirm is thought to be hiring at Julius Baer. Former Credit Suisse colleagues may be his first port of call. 

UBS issued $500m of retention bonuses to Credit Suisse people. Insiders saying the vesting schedules vary - some don't vest fully until September '24; others become available in the first quarter. 

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AUTHORSarah Butcher Global Editor

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