Credit Suisse Paris bankers receive sad news about UBS jobs
While Credit Suisse bankers in London have mostly already discovered whether they're wanted by UBS, or not, the dominant Swiss bank seems to have kept the subservient Swiss bank's Paris staff hanging for longer. Credit Suisse's Paris people only found out yesterday whether UBS wants them.
The answer for quite a few of them seems to be, it doesn't.
Reports on the proportion of people being ported across vary, with some saying it's a lot (up to 66%) and some saying it's not (most are not going). UBS isn't commenting, so the reality of the situation isn't entirely clear. But for the Paris people who aren't wanted, the fear is that at some point soon they will be let go.
"Officially, we're being told that if we're not being seconded it doesn't mean we're not being fired, but in reality that's surely the case," says one junior banker. UBS is seemingly indicating, however, that the situation is fluid.
Bruno Hallak, the head of Credit Suisse's investment banking business in France, is one of the lucky ones in the club at UBS. UBS announced that it wanted Hallak in August, and he moved himself across from Credit Suisse in September.
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