The fate of thousands of jobs in London’s financial district is in doubt after the emergency merger of Swiss banks UBS and Credit Suisse.
As concerns over the scale of job losses have mounted following a state rescue of the bank worth billions of dollars, the Swiss authorities stepped in to put curbs on some bonus payments.
The government announcement on Tuesday came after a backlash over reports that some bonuses were set to be distributed, despite the merger requiring taxpayer backing to proceed, with the state providing 260bn Swiss francs (£230bn) of funding and guarantees.
The two lenders are yet to spell out in detail what their rushed union may mean for the more than 5,000 Credit Suisse and about 6,000 UBS staff based in London.
