Rivals have poached at least 120 senior Credit Suisse investment bankers in recent months, reducing the need for big redundancy packages for UBS, which completed the takeover of its ailing Swiss neighbour in June.
Deutsche Bank has hired about 40 former Credit Suisse bankers globally, while Jefferies has brought on at least 25 and Santander more than 20, according to several people familiar with the moves.
At least 16 other banks had hired individuals and teams, with more hires of junior staff expected in the coming weeks, said people with knowledge of the talks.
The rate of flight from Credit Suisse’s investment bank has been higher than UBS planned before beginning work on the integration, according to people with knowledge of the matter, as rivals have made opportunistic moves to hire senior bankers and their teams.
Analysts have predicted that the $3.5bn takeover could result in up to $10bn of restructuring costs for UBS over the next four years.
While UBS has prioritised retaining certain Credit Suisse investment bankers in areas such as healthcare and technology to help build out its business in the US and Asia-Pacific, most of those who have moved to other banks would have been let go and been due redundancy packages, according to people involved in the discussions at UBS.
“We know who we want to keep and with these individuals there is no issue with attrition,” said one of the people.
The lack of activity in Credit Suisse’s investment bank since the takeover has also focused UBS executives’ minds on carrying out deeper cuts in the business.
Credit Suisse employed 52,000 staff at the end of last year, but this has since come down to 42,000 as the bank’s own cost-cutting measures took shape and staff left for competitors.
The combined UBS-Credit Suisse employs about 115,000 people globally, but as many as 20,000 roles are expected to be cut as part of the integration, according to people with knowledge of the plans, with the majority hitting Credit Suisse’s investment bank.
Deutsche Bank has taken advantage of the turmoil at Credit Suisse in recent months by poaching dozens of senior bankers, including William Mansfield, the former head of M&A for Emea at the Swiss bank.
The German lender has made more than 50 senior hires since the start of the year — including from other competitors — as it builds up its investment bank in expectation of a return of dealmaking, according to people with knowledge of the hires.
Under chief executive Hector Grisi, who spent 18 years at Credit Suisse earlier in his career, Santander has brought over more than 20 senior investment bankers from his former employer.
Those roles have mostly been based in the US, but Santander has also made hires in the UK and Spain, as well as recruiting private bankers in Switzerland. More junior staff could follow in the coming weeks, according to a person with knowledge of the talks.
Among those who have joined Santander are Steve Geller, who was global head of M&A at Credit Suisse, Rob Santiago, an energy specialist, and several members of Credit Suisse’s leveraged finance division.
Jefferies has also been hiring Credit Suisse bankers, with more than 25 globally. The boutique investment bank brought over several senior financial specialists from Credit Suisse last year, including most managers in its financial institutions group.
Other banks that have hired from Credit Suisse since its collapse in March include Barclays, BNP Paribas, Citi, Macquarie and Wells Fargo.
Credit Suisse, UBS, Deutsche Bank, Santander and Jefferies declined to comment.