Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue.
by billions in state funding, while angering holders of risky bonds by writing down their debt to zero.
"It's an extremely sad day to see us ending our legacy this way," said one Singapore-based senior employee in Credit Suisse's wealth management unit, who like other staff spoke to Reuters on condition of anonymity. Credit Suisse is ranked 20th on the league tables for equity capital markets for the first quarter in Asia Pacific including Japan, according to data from Refinitiv, with a 1.1% market share.
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