Fears are growing for embattled Credit Suisse's Irish unit, according to The Sunday Times. Photographer: Stephanie Keith/BloombergFears are growing for Credit Suisse’s Irish business, the Sunday Times reported. The crisis-hit bank is preparing to shut its prime brokerage unit, the sole focus of its Dublin branch. The move will result in the loss of 50 jobs and comes amid a radical restructuring of the Zurich-based lender, the report said.
Credit Suisse reported its biggest loss since 2008 last week. The bank signalled in November 2021 that it intended closing its Irish prime brokerage desk, which serves hedge funds, but did not say when. The bank has also remained silent about the strategy for the Dublin branch, raising fears it does not intend to replace the prime brokerage business, which was set up in 2016 to much fanfare, the Sunday Times added.
Gig economy workers, including the 1,000 or so Deliveroo drivers in the Republic, are self employed so tax is not deducted from their pay. However, Business Post reported that Revenue documents briefing the Dáil’s Committee on Public Accounts, showed that it wanted these workers charged a basic tax rate that would include “income tax, USC and PRSI”.