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Is this a crisis? What does it mean for banking jobs?

ORIGINAL POST
Posted by PSR_AXP 21 mths ago

What now? Mohamed El Arian has deployed the B-word (bailout) about yesterday's takeover of Credit Suisse by UBS, implying that the two C-s of contagion and crisis may not be far behind. It's hard to see how events of the weekend can be good news for jobs in the banking sector.

As we reported yesterday, Credit Suisse's sales and trading jobs look precarious by virtue of being moved into the newly invigorated non-core unit. Credit Suisse's European investment bankers face an uncertain future too. Only Credit Suisse's US investment bankers, and in particular its US tech investment bankers, look welcome at the juiced-up UBS, along with its Asian wealth managers, maybe. But what happens to all the Credit Suisse tech staff and to the thousands of employees in the enormous corporate centre? - $8bn of additional cost cuts don't happen on their own.
 

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