The future of Credit Suisse’s London HQ hangs in the balance, as fears circle about sweeping job cuts after the bank was bought by rival UBS last night.
Swiss authorities confirmed on Sunday that it had brokered a deal for UBS to buy the country’s second-biggest lender for £2.65bn. The bank had a market value of £6.5bn on Friday.
Zurich-based Credit Suisse has more than 5,000 employees working out of One Cabot Square, E14. Staff have been warned to expect job cuts.
South Korea’s KB Securities bought the 20-storey office block in 2018 for £460m from the Qatar Investment Authority and Brookfield. Credit Suisse sold it to QIA and Brookfield in 2012 in a sale-and-leaseback deal, which saw the bank take a 20-year lease.
The bank became one of the first major occupiers in Canary Wharf when it moved to the building in 1993.
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