The Credit Suisse traders busy until 2026

efinancialcareers.com:

When UBStried, and failed, to sell Credit Suisse's $250m distressed debt business last year, it knew what to do. After dispensing with most of the traders in the unit, Bloomberg reports that UBS simply shunted the loans into the non-core unit charged with disposing of unwanted elements of the Credit Suisse carcass. There, the 30 or so positions will be unwound individually.

UBS isn't saying how many people work for the non-core and legacy unit. But in its last set ofquarterly results, it revealed that the unit had nearly $80bn in risk weighted assets, down from nearly $84bn in June. Skewed towards loans and securitized products, they need people to sell them, and sources at Credit Suisse say the resulting jobs are highly secure. 

«People are still around, working in the non cure unit disposing of Credit Suisse assets and businesses,» says one trader. Staffing in the non-core unit is «thin,» they add: UBS can't afford to lose people and if anything it needs to hire a few more. «The worry is, there won't be enough experience and manpower to get this done.»

UBS declined to comment for this article. However, sources inside the bank claimed the non-core unit is a three-year project to dispose of Credit Suisse assets and businesses that UBS doesn't want. While those assets still need to be disposed of, the non-core jobs are some of the most secure in the industry. 

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The jobs are, however, unlikely to continue much beyond 2027. When Deutsche Bank set up a non-core unit to dispose of its own unwanted assets in 2019, it took four years to wind things down. Deutsche then disbanded its own non-core team last February. It's no coincidence that many have since turned up at