UBS's $3.2bn acquisition of Credit Suisse has thrust the future of more than 50,000 employees into doubt, as the merger looks to strip out CHF8bn in costs over the next four years — 75% of which will come from staff related expenses.

Credit Suisse's employees have bemoaned a lack of clarity, despite all-staff memos and townhalls, after the merger was arranged over the course of one frantic weekend to keep the troubled Swiss bank from collapse.