The story of job cuts at Credit Suisse are all over the wires today. The official body count is 150. The most serious carnage came in an unsurprising area of originating and processing residential mortgages. The same areas that Lehman and Bear Stearns cut back.
These aren’t considered “Wall Street” jobs by most folks in finance, and cuts those positions have been met with shrugs. If you’ve spent at least a couple of hours sober in the last two months, you probably knew mortgage origination was taking a haircut.
But at least some of those losing their jobs were New York based mortgage bond traders and sales staff, according to a Credit Suisse executive who spoke to the New York Post’s Roddy Boyd. This is the first time we’ve heard the credit crunch monster chewed up some actual traders.
Good news is that the actual number of job cuts seems to be far smaller than the rumored four hundred. The better news is that lines might be a bit shorter at the Shake Shack. Those bond trader boys can eat.
Credit Suisse’s A Bond Victim [New York Post]
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Carney, please enlighten with the definition of a “Wall Street job”? What is, and what isn’t…….
Ask the readers. We don’t make such judgments here. We report. You deride.
Fact is that a lot of folks don’t think “mortgage origination” counts.
so whats the scoop… it was 150 originations folks, meaning mid to back office and NOT front office? what does “Mortgage Originations” mean in this context. Please Clarify.