Credit Suisse Crisis: It has bought it from Switzerland’s largest bank UBS to save Credit Suisse Bank from drowning in the financial crisis. UBS Group has announced the purchase of Credit Suisse Bank for $3.25 billion. Significantly, Credit Suisse Bank is a 165-year-old Swiss bank. After the news of the sale of the bank, there is an atmosphere of uncertainty among its employees. According to the Business Today report, the bank has a total of 15,000 employees in India, whose future has been questioned. The bank has not yet given any official statement regarding its employees, but experts are anticipating large-scale retrenchment in the coming days.
15,000 employees work in India
Significantly, Credit Suisse Bank has a total of 15,000 employees in India. In terms of employees, the bank has the largest number of employees in India after Switzerland. Out of the employees working in India, 5,000 to 7,000 people look after the work of direct operation. While the rest of the employees handle the global IT operation. The bank has offices in a total of 6 cities in India. These cities are Mumbai, Pune, Gurugram, Bangalore, Hyderabad and Kolkata. Along with this, Suisse Credit Bank has informed that 25 percent of Indian employees working in its IT operations work from home. The IT part of the bank is mainly handled from India.
< h3 style="text-align: justify;">Rs 28,000 crore of customer deposits in the bank
According to the March 2022 report, Indian investors have deposits of about Rs 28,000 crore in Credit Suisse Bank. In this, the amount of loan and advance is Rs 947 crore. At the same time, the total income of the bank is 804 crores and the net profit of the bank is 302 crores. According to the bank, it has the largest employee base in India after Switzerland. In such a situation, after the sale of the bank, thousands of its employees will be affected.
What is the future of banking in India
According to experts, after the takeover of the bank by UBS, there will definitely be a bad effect on the employees. At present, UBS has not given any statement on this matter. Credit Suisse Bank had a license to do business in India. At the same time, UBS had closed its business in India years ago. In such a situation, it is difficult to say anything clearly on what will be the future of the bank in India. Many experts believe that in the coming times, banks should close their business in India but continue with IT operations. If the bank does this, it can lay off employees on a large scale.
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