The second largest Swiss bank Credit Suisse was hanging by a thread after years of scams, followed by a banking crisis triggered by the SVB and Signature Bank collapse. It was rescued from the brink through a merger with rival UBS, brokered by the Swiss banking regulator, as Credit Suisse's collapse could've triggered a global meltdown.
Although it prevented a catastrophe, the deal has left 36,000 workers globally at risk of losing their jobs.
What's next for Credit Suisse employees?
Reports have suggested that as many as 30 per cent of the Credit Suisse workforce will be laid off as part of restructuring, and 11,000 will lose jobs in Switzerland alone.
With 50,000 employees, Credit Suisse was considered a global systemically important financial institution, which made it too big to fail.
But apart from the current banking crisis, Credit Suisse had also been plagued by the collapse of two funds it had invested in, links to Bulgarian cocaine traffickers and a bribery scandal in Mozambique.
UBS weighing its options
UBS itself has a larger workforce of 72,000 and has brought in former CEO Sergio Ermotti to weigh and tackle risks associated with the takeover.
Credit Suisse also has 14,000 employees in India at risk if UBS, which has itself left India, decides to shut down the former's operations in India.
