by Yantoultra Ngui, Summer Zhen and Selena Li

SINGAPORE/HONG KONG (Reuters) – Credit Suisse employees in Asia were vocal in their concerns on Monday about maintaining operations and staff after the 167-year-old bank was taken over by compatriot UBS in a deal supported by the Swiss authorities.

“I don’t know if I should stay, leave or consider my options now,” said a Southeast Asia-based banker who, like other staff, spoke to Reuters on condition of anonymity.

On Sunday, the Swiss authorities tried to quell an incipient banking crisis by organizing the takeover for three billion Swiss francs of Credit Suisse by its big rival UBS.

However, the operation did not make it possible to calm the concerns of investors, in particular because of the conditions of the repurchase which provide for the value of the “Additional Tier 1” (AT1) securities of Credit Suisse to be devalued from 16 billion francs to zero. , which angered some debt holders who thought they were better protected than shareholders.

Credit Suisse employs 50,000 people worldwide in its private banking, investment banking and asset management divisions with 150 offices in 50 countries.

Credit Suisse has been outpaced in recent years by UBS and US banks in investment banking, but the group has retained the number two spot behind UBS in wealth management in Asia.

“It is an extremely sad day to see us end our legacy in this way,” said a senior executive in the private banking division of Singapore-based Credit Suisse.

In an internal memo, the bank told staff that its private banking assets were currently operationally separated from those of UBS but that once the merger is completed, clients may consider transferring assets to a another bank in the event of concentration concerns related to the merger of the two institutions.

Credit Suisse said it would maintain its annual investment conference due to begin Tuesday in Hong Kong, although the media are no longer invited.

“I have no idea what it means to continue working as usual when we are not even sure we still have a job,” said a Hong Kong-based employee.

Around the offices of Credit Suisse, near the business district of Singapore, the cafes usually animated by the staff of Credit Suisse and other establishments were less busy than usual Monday at the start of the day.

The Swiss Association of Bank Employees on Monday called on UBS to keep job cuts to a minimum.

Sources at UBS and Credit Suisse said Southeast Asia was among the regions where the two banks had the most duplicates in the wealth management and investment banking teams.

“It may be in investment banking where it will be the most painful,” said a senior UBS executive.

(Reporting Yantoultra Ngui, Anshuman Daga, Summer Zhen and Selena Li; with contributions from Scott Murdoch and Xinghui Kok; written by Anshuman Daga; Blandine Hénault for the , editing by Kate Entringer)

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