"While this news undoubtedly raises many questions, as of right now, there is no immediate impact on Credit Suisse’s day-to-day operations and we remain committed to the Program."
Excerpt from email sent by CS. Is it possible that UBS would force CS to cancel the programs once the merger is done? With this message, it seems like CS won't cancel by themselves, but with UBS having power...
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Are we back baby?
We back till end of ‘23…. And then we’ll get fired lol
I received the message as well. I think for SA this is a good news as the deal won’t be close until the end of Q2/ the end of this year. That means UBS will have the power to speak no earlier than July. Since the SA program starts early June, it is likely that the program will be continued as UBS very unlikely to cut it in the middle.
But for FT, there are still many uncertainties remained—wish them best of luck.
Nice to hear some comms for the first time. I think SA is safe
CS has said in the email that the deal will close 2023-end. I would argue it is near impossible to close a deal of this complexity in 2-3 months. It needs regulatory approvals from many countries. This is why CS is honoring FT offers as well.
Also, from UBS's point of view the swiss bank, and asset management are the big areas they will do their work on (in terms of figuring out ways to get max synergies, incl. layoffs). US Banking is a relatively small business in the overall scheme of things - won't be UBS's primary focus in searching for synergies.
Thoughts on UBS actively trying to close the deal by Q2, even end of April? Especially now with Ermotti back in charge
Is UBS still trying to close by Q2? Based on this thread CS communicated end of 2023 close (as of yesterday). Surprised they are still not on the same page with this important detail. Ermotti will likely be more aggressive in IB cuts based on his prior actions at UBS.
What are thoughts on deal flow and return offers for SA? I’m guessing quite low on both but still curious to hear what people have to think
We got until Dec 2023 to get fired.
Hello all,
My buddy who’s a VP at UBS in Houston said they’re thinking of doing performance evaluations on all of the IBD for CS. He gave me a list of what they’re looking for to see whether or not they’ll meet the chopping block:
Best of luck to all of you. I know these are hard times and I am praying for everyone at CS.
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