97% of Credit Suisse's markets professionals seem to have disappeared
It's been a while since Credit Suisse broke out the number of people employed in its markets (sales and trading) business. Since that time, terrible times have come to pass, and almost all the people who once worked there seem to have disappeared.
While this is good news for the 400 fortunates, it raises the question of what's happened to all the rest. The last time that Credit Suisse broke out employees in its global markets business was 2019, when it had 12,610 people. Since then, 12,210 of them seem to have fallen by the wayside.
UBS isn't commenting on their whereabouts, but it's worth noting that the number of absentees may be less than it seems. Credit Suisse's 12,610 markets professionals included both and front and back office staff. Front office staff are likely to have accounted for only 5,000 or so of the total.
That still leaves 4,600 salespeople and traders who are unaccounted for. Some of will have left in Credit Suisse's own restructurings. Many others, however, are currently sitting in UBS's non-core unit, which should keep them busy until 2026. Assorted people have left of their own accords. Quite a few are sitting at Deutsche Bank, where bonuses this year are unlikely to be the best and the guarantees they received for 2023 have expired.
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