Bloomberg reports that Credit Suisse will eliminate 500 jobs in securities and support staff in response to “market conditions and projected staffing levels required to meet client needs.” The new reduction in workforce is on top of 1,565 cuts announced earlier in the year.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
500 layoffs in IB – relatively small (~2.5% of IB headcount)
http://www.youtube.com/watch?v=e0daTVnJmt8
SPODE
500 layoffs in IB – relatively small (~2.5% of IB headcount)
500 layoffs in IB – relatively small (~2.5% of IB headcount)
How many lay-offs in IB?
~ what % of headcoutn?
There are (were) 500 IBs at CS? Who? Who would admit it? Nobody I know.
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try not to get so excited about being the one to post the info from bloomberg…
I aint sure of the 500 number.
But CS capital market IT is getting obiletrated right now
There are (were) 500 IBs at CS? Who? Who would admit it? Nobody I know.
DB was way too slow in picking up on this. Im disappointed
in the middle of the day?
2.5% number is % of the entire CSFB investment bank. they dont have 20000 bankers there. 500 refers specifically to people who are investment bankers.
I can almost see Bess’s giddy expression as she types.
whats going on with UBS? when are they cutting?
@14- bess and every other media outlet reporting these things?
@11- you should stop reading in protest.
@17-why is it objectionable to you that I expect the best from DB? (Usually all over this kind of thing)
@18 – kill yourself in protest.
@18- it’s not objectionable to me. just saying, if you’re disappointed, why not stick to ‘em?
Anyone know which groups/offices were hit?
Anyone know which groups/offices were hit?
does anyone know what the shake shack associate numbers are?
I have heard all US office and coverage/product groups and trading desks getting slammed.
I have heard all US office and coverage/product groups and trading desks getting slammed.
I run a hedge fund, what are associate numbers and layoffs??
crap
CS needs to merge with Shake Shack in order to survive
Ex CSer here, away from Shake Shack and MSP- that dungeon blows, placelooks like figgen mausoleum- its crypt-like in every way, from the dingy puke green carpeting worn thread bare in most places to the faux folk art and yankee doodle brickabrack hung up and holed up throughout the place.
One of the happiest days of my life when I got my call “upstairs”. I scooped up my trusty USB (fully loaded of course, grabbed my sunglasses and the rest of my shit and damn near ran to the elevator. I sat down in the room, seeing my coo there squirming trying to guess how to look ‘md” like while THE only question burning red in my mind was my severance number. I was the firt wave and thus knew my all in severance with stock (then still in the 60s-hahahaaha) would be a number far greater than any stock infused bonus coming in up in Feb.
I remember perfectly, the quizzical look on that sad sack of an HR hump and he/she looked on at my shiteating grin the whole time. At the end of the spiel the light bulb finally went off in the dark emoty expanse she called a brain-”wait a minute, have you already lined up another positi…”
I looked him/her dead the eye, smiled, signed my name on the line thus ensuring me a number that would prove to be 2x my class’ coming “08 bonus”.
“I’m good”, I said. Three days later I was on a beach in St. Barts with a dimepiece, two weeks later I was at my new digs shorting the shit out of every single “bulge bracket”. Fuck those Hitler humpers, that place is pox on MSP.
“Investment banking”- died long ago, CS has zero coverage bankers, zero talent in M&A sans a few dinosaurs, who really can’t even make #2 happen. They are a highly stylized group of loan officers prancing around in Hermes ties and Prada mules- how’s that CCU tranche hanging, hows that Huntsman deal coming….???
Fuck sake, it is what it is people, CS-a Swiss Comerica.
27th Floor
wow that was a great post… it’s clear why WSJ and NYT reporters come to DB for the color commentary… I’m guessing there are some slight exagerrations here and there (how’d you book the ticket that fast for St. Bart’s? where did this dimepiece come from?)… but all in all very entertaining…
@ 30 aka assclown, this in NYC- you can be in St, Barts in 7 hours flat if you have the coin. See, there is this thing called conceirge service and they can book you on these things called airlines or chartered jet service. I know, amnazing right.
Dimepiece via my steez fool.
But don’t worry my boy. I’m sure if you hit up Craigslist you could probably rustle up a payskirt more to your station that might roll with you.
What? You holed up at 11 Mad wishing you had a dollar and dream???
27th Floor, son
embarassing
27th floor.
Wonderful. How much did they pay you in severance ?
I got a bad deal and I cant sound as cool as you.
btw how are you planning to go forward with your life ? got another gig ?
— 14th Floor. LEH
Dreadful place; folk art and NY1 Reporter/Crackerjack HR Lawyer (keep the big harassment cases out of the press) Geo. Whipple are both holdovers from the glorious DLJ days. Whipple = funny, closeted, mean-spirited wannabe reporter. Yech!
I know of at least 7 Front Office people at CS who got let go in energy
Ex-CSer here. The class of U.S. ’07 IB associates got obliterated. At least 1/3 were let go.
@36 I used to work at LEH. I feel your pain. But now that i’m working for the Federal Reserve, i’m untouchable, so FUCK YOU!
27th floor = lying piece of shit
“dingy puke green carpeting worn thread bare in most places to the faux folk art and yankee doodle brickabrack hung up and holed up throughout the place.”
The carpet does look like shit.
Where divisions are the layoffs in? I heard the M&A group is not going to make it through in great shape.
“Dimepiece via my steez fool.”
Gotta love wonderbread 11 Mad boys talking urban smack. Just like Michael Bolton in Office.
Dude, you get north of 96th, you’ll fade like a daisy.
“Dimepiece via my steez fool.”
Gotta love wonderbread 11 Mad boys talking urban smack. Just like Michael Bolton in Office Space.
Dude, you get north of 96th, you’ll fade like a daisy.
ca8Hyh Very good blog post.
Hey, thanks for the article.Really thank you! Much obliged.