Credit Suisse internal notes. The bank reassures employees

UBS’ largest competitor agreement to acquire the Swiss Credit Suisse bank It was revealed Sunday night. The amount of the transaction was not disclosed. According to unofficial information from the “Wall Street Journal” we talk about 3.25 billion dollars

problems Credit Suisse is clearly causing concern among the bank’s employees. Representatives of the foundation, President Axel Lehmann and CEO Ulrich Korner, sent a special message to the employees in the form of questions and answers regarding the possibility of job cuts or bonus cuts.

In internal notes obtained by Bloomberg, they stress that the agreement to merge Credit Suisse and UBS still requires the necessary approvals. They expect the merger to be completed by the end of 2023 and until then the bank will continue to operate as normal, focusing on serving our customers. Therefore, the role of employees remains unchanged.

If iterations prove necessary, we will communicate in accordance with country-specific guidelines and practices and with our relevant social partners. Credit Suisse.

As they emphasized, every employee is entitled to an end-of-service gratuity, in accordance with market practices. “Both companies have a proven track record of treating workers affected by workforce cuts fairly and providing severance payments in line with practices in the markets in which we operate,” they said.

Employees also want to know if Salary and any bonuses will be paid on March 24th. Credit Suisse representatives confirmed that yes.

We will pay salary and bonus, if due, according to the schedule provided in advance. In many countries the bonus has already been paid and we don’t expect any changes in other jurisdictions.

Same with increases. “We will continue to deliver on our commitments and salary increases already announced will continue to apply from April 2023. (…) We will continue to offer a performance bonus in 2023 to eligible individuals. We are committed to the fair treatment of all employees, each bonus scheme will be based on both business and individual performance.