Credit Suisse staff from Singapore to London flood headhunters with calls

Singapore - Recruiters across the world are getting an unprecedented flood of calls from Credit Suisse bank employees seeking new jobs as the

embattled Swiss lender is set to be taken over by rival UBS.

From Singapore to London to New York, headhunters and rival lenders have been fielding calls over the past few days from anxious Credit Suisse workers, according to sources from more than a dozen firms with knowledge of the matter.

One firm in Singapore on Monday alone handled questions from about 30 mostly Credit Suisse private banking executives about available jobs, while another recruiter in Hong Kong has been talking to more than 20 senior investment banking executives since last week, the sources said.

A firm that is focused on managing director hires said it has received such calls since late Friday, especially for jobs in the wealth area.

A headhunter in London, where Credit Suisse employs about 5,500 people, according to its website, said he was fielding calls all weekend, particularly from those in the equities division, where the overlap with existing business at UBS is extensive.

However, the prospect of other firms going on a Credit Suisse-focused hiring binge is unlikely as most companies would likely limit the number of hires.

In New York, one headhunter said several thousand people at Credit Suisse had been hoping to join Credit Suisse First Boston (CSFB) – the investment banking spinoff at the heart of the Swiss lender’s earlier restructuring efforts. That now looks unlikely to happen and many will be hoping to join UBS, said Mr Michael Nelson, managing director of recruitment firm Quest Group in New York.

“If they aren’t going to CSFB, they will have to be emigrated into UBS fixed income, which is a much smaller business than Credit Suisse,” he said. “My guess is they will dismiss them and turn them out onto the street.”

Anxious staff

The flurry of calls highlights the heightened anxiety of Credit Suisse’s employees amid a takeover that has been described by UBS chairman Colm Kelleher as an emergency rescue.

Their search for new opportunities, however, collides with a difficult job market, where major banks from Goldman Sachs to Nomura Holdings are cutting roles.

“We are encouraging colleagues to continue to the best of their abilities against a difficult backdrop,” a Singapore-based Credit Suisse spokesman said in response to queries from Bloomberg. “Ultimately, we will do everything we can to ensure an orderly transition and to serve our clients as best as possible.”

UBS did not respond to an e-mail seeking comment.

Mr Will Tan, a managing director of Singapore-based recruiter Principal Partners, said the number of Credit Suisse employees approaching the recruiter has intensified over the past month, and the firm is seeing even more resumes now from the bank across Asia.

“The best ones at Credit Suisse have probably already left,” Mr Tan said.

Noting the challenging environment for hiring, he added: “There is definitely not enough to go around for everyone.”

An Asian headhunter, who declined to be named, said employees in investment consulting, compliance, legal and audit would worry about their jobs, given duplications with UBS, while relationship managers may be in a better position.

When announcing the deal, UBS chief executive Ralph Hamers said the combination supports the firm’s wealth management growth ambitions in the Americas and Asia. He added that UBS looks forward to welcoming new clients and colleagues across the world.

But UBS was clear there will be job cuts, with the investment bank it is inheriting likely to be particularly impacted. While no figure was given, a person familiar with the matter has estimated that the cuts could be in the multiples of Credit Suisse’s existing plans to shed 9,000 roles.

Several Credit Suisse alumni took to social media offering help and advice.

Others in the private equity world like Spartan Advisors are smelling opportunities to pick up talent, asking affected staff to reach out to it. BLOOMBERG