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Anger and tears from shocked Credit Suisse staff after historic UBS takeover
Credit Suisse’s fate is sealed, as Swiss rival UBS acquired the bank for 3 billion francs ($3.2 billion) in a historic deal that has shaken the financial sector. Credit Suisse (CS) (CH:CSGN) asked staff to return to work as usual this morning, but employees greeted the news that the 167-year-old bank will cease to exist with a mix of anger, surprise, tears and, in some cases, resignation that it had to happen, according to conversations with around a dozen staff at the bank. “Everyone is stunned by the speed of the downfall,” said another senior investment banker.
