The Blubber

Per Bloomberg

Credit Suisse bankers are now flooding recruiters with job inquiries ahead of the bank takeover. This comes as UBS Group AG is set to acquire the Swiss lender.

According to sources from over a dozen firms, headhunters and other rival lender companies have experienced an influx of calls from Credit Suisse staff. These include locations in Singapore and London, among others outside New York.

A recruiter in Hong Kong said they talked to over 20 senior investment bankers, while a firm in Singapore said they received over 30 questions from private bankers that worked at the Swiss lender. Despite multiple inquiries, the most possible scenario would be only a few hires.

Quest Group's managing director at recruitment, Michael Nelson, gave a statement regarding the situation, giving what he thinks is the most likely scenario. He noted that he guessed that the staffers would be dismissed.

Nelson: “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... My guess is they will dismiss them and turn them out onto the street.”

A Singapore-based Credit Suisse spokesperson responded to Bloomberg's queries, encouraging colleagues to continue. The spokesperson also said they would do "everything they can" to serve clients.

“We are encouraging colleagues to continue to the best of their abilities against a difficult backdrop... Ultimately, we will do everything we can to ensure an orderly transition and to serve our clients as best as possible.”

Credit Suisse reportedly said that there was a "social media storm" in autumn when asked about who was responsible for the collapse.

UBS has recently agreed to buy Credit Suisse, with holders getting 1 UBS share for every 22.48 worth of $CS shares. About $17.3 billion of Credit Suisse bonds have become worthless after UBS takes over the company.

See flow at unusualwhales.com/flow.

Other News:

• Credit Suisse Chairman says "last autumn we had a social media storm" which contributed to credit suisse downfall
• UBS has agreed to buy Credit Suisse, $CS

Resources:

Bloomberg