UBS Takeover Won't Disrupt Credit Suisse Staff Pay: Reassurances Given Amid Merger Deal

 Credit Suisse Staff to Receive Bonuses Despite Merger with UBS

Credit Suisse staff have been assured that their bonuses will still be paid despite the merger with UBS. The bank has issued two internal memos addressing concerns from employees following the announcement of the merger.

According to Bloomberg, the memos state that there will be no changes to payroll arrangements and that employees will still receive their salaries and bonuses as previously communicated. The bonuses for work done in 2023 will also be paid as planned.

The merger, which was brokered by the Swiss government, comes after Credit Suisse's share price took a hit last week due to concerns over the collapse of several US banks. The bank's outflows have been increasing over the past few months, and investors fear that the crisis could spread and cause a global financial crisis.

Despite the uncertainty caused by the merger and the current crisis in the banking sector, Credit Suisse has assured staff that their roles are not immediately impacted, and they should continue to work as normal. The bank's branches and global offices will remain open, and day-to-day operations will continue.

Credit Suisse's share price has been under pressure for years due to a series of scandals. It closed 8% lower at 1.86 Swiss francs apiece on Friday and is down 34% so far this year.

In conclusion, despite the current crisis in the banking sector and the merger with UBS, Credit Suisse staff can rest assured that their bonuses and salaries will still be paid, and their roles are not immediately impacted.