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UBS buy gives Credit Suisse India's employees a glimmer of hope

Industry players see better synergies at India units of Swiss banking giants

UBS-Credit Suisse
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UBS-Credit Suisse

Samie Modak Mumbai
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank’s India employees a glimmer of hope. The surprise deal — engineered by the Swiss government — has triggered optimism of fewer job losses at Credit Suisse’s India unit and better synergies at key verticals, such as wealth management and investment banking. 

“UBS is a much stronger hand. Coming within its fold will give Credit Suisse’s wealth management and investment banking divisions a good home. We don’t expect further job cuts after the UBS deal,” said a Credit Suisse staffer.

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First Published: Mar 20 2023 | 8:38 PM IST

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