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UBS will be taking over Credit Suisse and has already decided to completely wind down operations of the Investment Bank. Layoffs are a high risk given UBS will be looking to cut costs and not need any of the Credit Suisse roles that directly or indirectly supported the Investment Bank. Credit Suisse's technology could be shut down in favor of the UBS technology for remaining divisions long term as well, which would have the most direct impact on NC jobs.
UBS primarily hires technology roles in Nashville, New Jersey, Singapore, London, and Zurich. Whether they keep the NC office long term or not is anybody's guess, but UBS will be in charge making the decisions now.
UBS will be taking over Credit Suisse and has already decided to completely wind down operations of the Investment Bank. Layoffs are a high risk given UBS will be looking to cut costs and not need any of the Credit Suisse roles that directly or indirectly supported the Investment Bank. Credit Suisse's technology could be shut down in favor of the UBS technology for remaining divisions long term as well, which would have the most direct impact on NC jobs.
UBS primarily hires technology roles in Nashville, New Jersey, Singapore, London, and Zurich. Whether they keep the NC office long term or not is anybody's guess, but UBS will be in charge making the decisions now.
They have a data center here, so that could be a reason to keep some operations here.
Credit Suisse had already announced plans to cut 9,000 jobs, many in the Investment Banking unit, which was to be wound down completely. UBS will continue that effort. It's too early to see how this merger will impact the RTP operation, but it's entirely possible that it will continue to grow, sort of like when Wells Fargo took over Wachovia.
It may take quite a while before anyone knows what the eventual outcome will be. UBS didn't seek this "acquisition" and the last thing that they want to gut would be the tech data centers supporting the Credit Suisse operations. And, as Fidelity and Deutsche Bank have shown, this area is very attractive to financial services companies. Welcome UBS. And Apple, Google, Meta, Microsoft etc.
Really as this is a totally different situation than a merger
They actually do not have to. Many CS employees have not returned to the office since March 2020 and UBS has remote employees with a strong presence in Weehawken NJ. I will bet they will shut down NC and sell the space Apple is looking for. Plus many of my friends in NY/NJ are no longer interested in moving and staying put.
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