Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
in the group that didn't go with Apollo. The Atlas group remains in the Credit Suisse building, albeit cordoned off on a different floor and using separate elevators, one source said, and they're probably feeling a world apart from their former colleagues right now.
The scope of Credit Suisse's equity research coverage is broad, spanning some 3,000 public companies and fixed income and macro areas like foreign exchange and interest rates. While some structured products traders might be thrown a lifeline, UBS' Sunday pronouncement that Credit Suisse's trading businesses will be considered"noncore" left other employees in doubt.
Some Credit Suisse traders and bankers are taking the initiative and not waiting to see how the UBS deal will pan out. "Why go into a situation that I have no knowledge of and financially expose myself to getting a yearlong lease in New York? I could potentially not have a job and then I'm on the hook for $30,000 to $40,000. I don't know. There's just so many things going through my head."
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