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Credit Suisse securitized products group struck by uncertainty: not everyone will get a job

Credit Suisse's securitized products group is being purchased by Apollo Global Management. This might be good for its top performers. However, it might not be so good for everyone else. 

In a message for employees in the securitized products group today, seen by eFinancialCareers, Credit Suisse said that not everyone in the SPG will be offered a job at Apollo. Instead, the bank said that "a process is contemplated under which the investor group, will, subject to employees' prior consent, have access to SP employees and will have the opportunity to extend offers to such employees, whereby any such offer will be subject to and effective only upon closing of the proposed transaction."

Given that the transaction isn't closing until "the first half of 2023," the implication is that the next few months could be months of uncertainty for people in the group. In the same message, the bank said that it will honour any job offers made to incoming interns or other hires in process and that "incremental hires will be made on a case by case basis." 

Credit Suisse declined to comment on the memo. The bank said today that it will cut 2,700 jobs before the end of 2022 and 9,000 jobs by 2025. 

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Photo by Nikola Tasic on Unsplash

 

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AUTHORSarah Butcher Global Editor
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