Credit Suisse environment now

Mostly we have been asked to continue with BAU. Many of the long terms projects like automation and stuff have been put off.

A lot of employees have lost interest in work, although a handful of them still have great enthusiasm for no reason. Attrition rates are very high and many others are looking for new jobs.

The salary of the month of March (here it's credited on 25th of March every month) was received on time. Also, no new layoffs are announced yet, after the acquisition. Senior management if very cooperative and transperant regarding the steps whatsoever taken for the employees.

There's a lot of speculation around the fact that who would be laid off. In investment banking division, some fear that only 20-25% will be retained. Whereas some who are most optimistic, say that 60% could be retained. It's planned to let the employees know regarding their future by Q2 2023.

Severance package could be 2 months (notice period) + (3 weeks*years of service).

So overall lots of uncertainty, people are worried about their future, and expect clarity as soon as possible.

They are mostly playing wait and watch.

I heard that Credit Suisse India is gonna start layoffs from the month of November. But I can't confirm 100 % , any update from people working at CS. This year is gonna be bad for people working in IB support functions like ops and risk. Almost all the IBs have hiring freeze and now news of mass layoffs at CS

My friend received draft offer from UBS and now it is put on hold