Recruiters across the world are getting an unprecedented flood of calls from Credit Suisse Group bankers seeking new jobs as the embattled Swiss lender is set to be taken over by UBS Group.
From Singapore to London to New York, headhunters and rival lenders have been fielding calls over the past few days from anxious Credit Suisse staff, according to sources from more than a dozen recruiters.
One recruiter in Singapore handled questions from about 30 mostly Credit Suisse private bankers about available jobs on Monday while another talked to more than 20 senior investment bankers since last week, the sources said.
Meanwhile, a company that is focused on hiring executives at the level of managing director said it had received similar calls since Friday, especially for wealth management operations.
A headhunter in London — where Credit Suisse employs about 5,500 people, according to its website — said he had fielded calls all weekend, particularly from those in the equities division where the overlap with existing business at UBS is extensive.
But the prospect of other companies going on a Credit Suisse-focused hiring binge is unlikely, with businesses looking to make a limited number of hires the most likely scenario.
In New York, one headhunter said several thousand people at Credit Suisse had been hoping to join Credit Suisse First Boston — the investment-banking spin-off at the heart of the Swiss lender’s earlier restructuring efforts.
That now looks unlikely and many will be hoping to join UBS, said Michael Nelson, managing director at New York recruitment company Quest Group.
“If they aren’t going to CSFB, they will have to be emigrated into UBS fixed-income, which is a much smaller business than Credit Suisse,” he said.
“My guess is they will dismiss them and turn them out on to the street.”
The flurry of calls highlight the heightened anxiety by Credit Suisse’s staff amid a takeover that has been described by UBS chairman Colm Kelleher as an “emergency rescue”.
However, the search for new opportunities collides with a difficult job market where major banks — from Goldman Sachs Group to Nomura Holdings — are cutting roles as clients stay on the sidelines, whether it is deal-making or trading.
“We are encouraging colleagues to continue to the best of their abilities against a difficult backdrop,” a Singapore-based Credit Suisse spokeswoman said.
“Ultimately, we will do everything we can to ensure an orderly transition and to serve our clients as best as possible.”
UBS referred to its Sunday statement about the deal when asked about the situation.
Will Tan, managing director at Singapore-based recruiter Principle Partners, said the approaches from Credit Suisse staff had intensified over the past month and the company was receiving even more resumes now from the bank across Asia.
“The best ones at Credit Suisse have probably already left,” Mr Tan said.
He pointed to a challenging environment for hiring.
“There’s definitely not enough to go around for everyone,” Mr Tan said.
An Asian headhunter said one director wanted to know if it was a good time to move now, or whether staff would be perceived as a “distressed asset”.
Employees in investment consulting, compliance, legal and audit would worry over their jobs, given duplications with UBS, while relationship managers may be in a better position, said the recruiter, who declined to be named.
The best ones at Credit Suisse have probably already left. There’s definitely not enough to go around for everyone
Will Tan,
managing director at recruiter Principle Partners
At the time of announcing the deal, UBS chief executive Ralph Hamers said the combination supported the company's wealth management growth ambitions in the Americas and Asia.
He said UBS looked forward to welcoming new clients and colleagues across the world.
However, UBS was clear there would be job cuts, with the investment bank it is inheriting expected to be particularly affected.
UBS wants to cherry pick top dealmakers from Credit Suisse’s investment bank instead of supporting a plan to build a new independent company, according to sources.
While no figure was given for a job-cut number, a source has estimated that the cuts could be several times the 9,000 roles Credit Suisse had planned to shed.
The two lenders together employed about 125,000 people at the end of last year, with about 30 per cent of the total in Switzerland.
Several Credit Suisse alumni took to social media offering help and advice, with London-based Hanadi Al Hamoui — who spent a decade at the Swiss bank — inviting her former colleagues to reach out if she can be of help, according to a LinkedIn post.
Others in the private equity world, such as Spartan Advisers, are also smelling opportunities to pick up talent, asking affected staff to reach out.
The Details
Article 15
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Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
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Winner: El Chapo, Luke Morris, Fawzi Nass.
Book%20Details
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Persuasion
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Company%20profile%20
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The five pillars of Islam
More on Quran memorisation:
More on animal trafficking
Killing of Qassem Suleimani
The years Ramadan fell in May
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.