Here are each inside memos, in complete:
Q&A
1. Why is that this taking place?
In contemporary days there was higher turmoil within the monetary markets and rising fear about dangers to monetary steadiness. Despite being a well-capitalized and solvent systemically necessary world establishment, Credit Suisse confronted a scenario of falling self belief from shoppers and establishments. In discussions with the Swiss executive and regulators, the Board of Credit Suisse has determined that the pursuits of our stakeholders are best possible served via a merger with UBS.
2. Should personnel come into the place of business on Monday?
Yes. Your position isn’t instantly affected. We will have to all proceed to paintings as customary. It stays significantly necessary that you just proceed to come back to the place of business or paintings in keeping with your agreed paintings development.
3. Do I nonetheless have a role?
Yes. There isn’t any fast exchange on your position.
4. What does this imply for my process safety?
Today’s announcement signifies the settlement to merge Credit Suisse and UBS and is topic to essential approvals. We be expecting the merger is anticipated to near by way of the tip of 2023 and till such time we can proceed to function as shut as imaginable to “business as usual,” occupied with serving our shoppers.
As we construct the plans to combine our industry, we can keep up a correspondence ceaselessly to be sure you are conscious about growth and any adjustments that can have an effect on you. We wish to reassure you that we’re totally dedicated to managing this procedure with transparency and openness, to treating everybody with equity and admire and to making sure that you’re saved up to the moment as choices are made to reduce uncertainty and disruption.
If there are adjustments on your position, we can let you know. If redundancies end up essential, we can keep up a correspondence in keeping with prevailing nation explicit pointers and practices and with our acceptable social companions.
5. When will I do know if I nonetheless have a role?
We paintings diligently and at tempo during the approaching length to spot which roles may well be impacted. Where essential, we can keep up a correspondence with affected people in keeping with nation explicit pointers and insurance policies.
6. If I now not have a role, will I obtain a severance package deal?
We will purpose to proceed to supply severance in keeping with marketplace apply and in dialogue with our social companions.
We wish to reassure you that we’re totally dedicated to managing this procedure with transparency and openness, to treating everybody with equity and admire and to making sure that you’re saved up to the moment as choices are made to reduce uncertainty and disruption.
Both corporations have a historical past of treating staff who’re suffering from a discount in drive with equity and of offering severance this is in step with the practices within the markets by which we function.
7. Will my wage and any bonus nonetheless receives a commission on March 24?
Yes. There aren’t any adjustments to payroll preparations.
We can pay wage and bonus, the place remarkable, as in step with the up to now communicated agenda. In many nations, the bonus has already been paid out and we don’t be expecting any adjustments for last jurisdictions.
8. What will occur to colleague go out methods / RIFs already underway?
We wish to reassure you that we’re totally dedicated to managing this procedure with transparency and openness, to treating everybody with equity and admire and to making sure that you’re saved up to the moment as choices are made to reduce uncertainty and disruption.
9. I perceive the desire for Jstomer dealing with roles, however what is going to occur to the company purposes?
Corporate purposes are an integral a part of turning in the infrastructure and products and services for Jstomer dealing with roles, in addition to turning in key keep an eye on purposes to make sure possibility is controlled as it should be. We will paintings carefully with UBS during the combination to spot the most efficient way to proceeding to supply this give a boost to. We don’t await any subject material (sic) adjustments till the transaction is closed.
10. When will the transaction shut?
The transaction is topic to regulatory approvals, and we think it to be finished by way of the tip of 2023. We will stay you knowledgeable of the timeline for this and common updates each time we will. In the period in-between, it is crucial that all of us transfer ahead with our day by day industry and operations on behalf of our shoppers.
11. I’m a freelance employee with Credit Suisse. Will you honor my contract to its end-date?
Until the pending merger receives all the essential approvals and is closed, our paintings must be “business as usual.” If your contract is impacted, you’ll be told in keeping with agreed realize / contract.
12. What occurs to my Swiss allowance if I nonetheless have a role?
The phrases of employment will stay the similar till transaction finishing touch and you’ll stay eligible for all advantages until communicated differently.
13. Have you been involved with the unions?
We stay involved with all our social companions and percentage a dedication to regard all staff reasonably and to keep up a correspondence overtly during.
14. I’m anticipating a wage building up as of April 2023, will this nonetheless occur?
We will proceed to honor our duties and already communicated wage will increase will nonetheless be efficient from April 2023.
15. Will I obtain an advantage for my onerous paintings via 2023?
We will proceed to allocate for a 2023 efficiency bonus for the ones eligible. We are dedicated to treating all staff reasonably, any bonus plan shall be in line with each industry and particular person efficiency. The Swiss Federal Council keeps the suitable to wholly or partly prohibit variable reimbursement or prescribe changes to the Credit Suisse remuneration. Should this be asked and required we can keep up a correspondence on the earliest alternative.
16. What occurs to my UCA/unvested inventory?
We are dedicated to treating all staff reasonably. We don’t await making any changes to UCA and deferred award methods for staff already paid and dedicated to staff as much as the purchase shut date. We will be sure you are stay (sic) knowledgeable must there be any adjustments publish shut.
17. I’m leaving Credit Suisse; do I wish to pay again my UCA (“Upfront Cash Award”)?
The Upfront Cash Awards which were granted proceed as in step with the foundations of the award. In the development of resignation, the claw again prerequisites proceed to use.
18. What occurs to my Credit Suisse vested inventory?
Fully vested inventory isn’t impacted by way of this tournament and shall be made to be had (if now not already) in step with present procedure. Any percentage awards exercised or vested sooner than shut will be settled within the type of percentage attention structured in order that the Award beneficiaries shall obtain for every Credit Suisse stocks the merger attention differently receivable. After shut, all deferred percentage awards will be (upon workout or vesting as acceptable) settled within the type of the brand new corporate stocks as a substitute of Credit Suisse stocks.
19. Will I obtain the Transformation Award that was once just lately communicated to me?
We await the money part of the transformation award will proceed to be paid in keeping with the phrases of the award. We will ascertain any have an effect on at the fairness part on the earliest alternative as soon as the transaction has closed.
The Swiss Federal Council keeps the suitable to wholly or partly prohibit variable reimbursement or prescribe changes to the Credit Suisse remuneration. Should this be asked and required we can keep up a correspondence on the earliest alternative.
20. What would be the have an effect on on my deferred awards if the patron values shareholder fairness at little or 0?
This shall be topic to the settlement we shut and shall be conversation (sic) on the earliest.
21. What occurs with my pension contributions? Is my pension secure?
The phrases of employment will stay the similar till transaction finishing touch and your pension contributions will proceed (sic) to be made in keeping with your election so long as your employment continues.
22. What will occur to CS pensioners?
The pension finances are secured below the Pension Fund and laws. The finances are controlled independently from the corporate and might not be affected.
Memo to personnel from Credit Suisse Chairman Axel Lehmann and CEO Ulrich Körner
Dear Colleagues,
We wish to start by way of sharing our heartfelt because of all of you on your dedication and determination to our consumers, and to one another, all the way through what has been an excessively tricky length for our financial institution.
We know that lots of you’ll were following the serious media protection during the last 48 hours on the way forward for Credit Suisse and respect the large uncertainty and rigidity that this has led to. Over the previous few days, the control groups of Credit Suisse and UBS, in addition to our key stakeholders in Switzerland, were in talks to set the most efficient plan of action for our financial institution, for our house marketplace, and for our shoppers, colleagues and shareholders.
In the previous few hours, now we have agreed that Credit Suisse will merge with UBS, with UBS being the surviving entity in an sped up procedure.
The merger transaction stays topic to standard ultimate prerequisites and is anticipated to be consummated by way of the tip of 2023.
The Board of Directors and Executive Board will give their give a boost to to UBS to make sure a clean transition and make sure the most efficient results for all our stakeholders, together with our other people.
We respect that you’re going to have many questions, a few of which we would possibly not be capable to solution lately; then again, our colleague FAQs purpose to supply some preliminary solutions. These shall be ceaselessly up to date over the approaching days. Client Talking Points can be to be had at the Intranet for our client-facing colleagues.
Please observe that there is not any fast have an effect on on our shoppers and on our daily running operations. Our branches and world places of work will stay open, and all colleagues are anticipated to and must proceed to come back to paintings.
For additional data on lately’s announcement, we invite you to wait a are living ExBconnect name lately/this night. A 2nd ExBconnect name will happen the next day at 10:00 CET.
We wish to reassure you that we’re totally dedicated to managing this procedure with transparency and openness, to treating everybody with equity and admire and to making sure that you’re saved up to the moment as choices are made to reduce uncertainty and disruption.
Finally, we’d once more like to specific our gratitude to everybody at Credit Suisse for his or her super efforts, dedication and tough paintings during the last few months. As a management staff, now we have taken nice delight and feature been impressed by way of your unwavering dedication to our financial institution and to our shoppers.