• 29 Nov 2012 at 2:45 PM

Layoffs Watch ’12: Credit Suisse

Cuts are said to be going down circa now at the Swiss bank. Sales and Trading was Tuesday and Wednesday.

“Layoffs in Credit Suisse Research happening today, all levels. Unclear how many have been affected so far.”

28 comments (hidden to protect delicate sensibilities)
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Comments (28)

  1. Posted by F9_Calculate | November 29, 2012 at 2:51 PM

    Caption contest anyone…?

  2. Posted by Guest | November 29, 2012 at 3:01 PM

    I hope that entire shitbox goes under.

    -Callous in Cos Cob

  3. Posted by Where | November 29, 2012 at 3:04 PM

    Im guessing NY office?

  4. Posted by guest | November 29, 2012 at 3:05 PM

    my buddy at the Chicago office said they have been expecting this for a while

  5. Posted by sorry | November 29, 2012 at 3:13 PM

    You know, our new Credit Suisse sales guy called maybe 10 months ago, chatted me up, wanted to start a trading relationship. Meanwhile, all the news that they're going to shrink happens. They invite us to conferences, we don't go, then the sales guy gets upset, why aren't we doing business through them. Why don't they understand that if you're going to cut research, if you're not going to be around in a year, we're not going to send commissions to a doomed relationship?

    And then the companies wonder, when they announce that they're slashing research or sales, why business continues to do badly. It's because no one wants to invest in something when they have limited commission dollars to parcel out.

    – Not SAC

  6. Posted by CafeteriaWorker | November 29, 2012 at 3:35 PM

    So what is going to happen with the cafeteria now that they are so few employees?

  7. Posted by Guest | November 29, 2012 at 3:39 PM

    merge with Shake Shack

  8. Posted by UBS Merger Arb Quant | November 29, 2012 at 3:46 PM

    To unlock substantial shareholder value or because they need to do it to survive?

  9. Posted by C. Darwin | November 29, 2012 at 3:56 PM

    For temporary survival. Odds are in my theory's favor

  10. Posted by OMGBBQROFL | November 29, 2012 at 4:10 PM

    On a more positive note – there will be free coupon available to support our Swiss home company of Nestle. Respected employees can redeem the coupon in cafeteria for a butter finger or Nerds. While supplies last. Some restrictions apply. See cafeteria for details.

  11. Posted by Old guy | November 29, 2012 at 4:39 PM

    At what point will the banks figure out that we do less business because they give us no reason to pay them. Anyone worth a shit on the sell side is being replaced with a 24 yr old that has roommates.

    -guy that knows what LTC stands for.

  12. Posted by guest | November 29, 2012 at 5:17 PM

    We're the same here too. Don't care to invest commision/principal trading flow with firms that we don't see being around in 5 years. Hard enough to keep the shops we care about alive….

  13. Posted by guest | November 29, 2012 at 6:29 PM

    Where's the jokebriefer on this one?

  14. Posted by @voidist108 | November 29, 2012 at 8:20 PM

    I would like to remind my American friends ,that we have subsidised your loss making operations for

    too long , no more..we were wrong , you were a waste of of money and time and made no

    contribution to our bottom line so go take a hike and we wont miss you…..happy whinging, thats the

    only thing you are good at…………………………..from switzerland

  15. Posted by JoJa | November 29, 2012 at 8:25 PM

    Very informrative, thank you. Now I can go to bed and sleep weel.

  16. Posted by paz timeframe | November 29, 2012 at 9:04 PM

    Dont worry Timmy O'H will make it better soon. There is still 1 billion worth of value left in dlj that will keep the lights bright for some 2 or 3 years. At least for the old guard in ny.

  17. Posted by LaxBro's Roommate | November 29, 2012 at 9:48 PM

    Harsh, bro.

  18. Posted by agreatdaytothink | November 29, 2012 at 9:59 PM

    Apparantly the inverse is true as well. I called them up because I wanted to sell deep down the credit curve tranche and I figured they probably had a model that was bad enough to actually like my bond. Sales coverage never gets back with a level so I call a couple of days later because I really wanted to see where they would come at and their desk finally gives me a great indication. Asked for a firm bid and it takes them two more days and they repriced me 10 pts lower. No balance sheet, bad models, slack sales coverage, and apparantly only trading with other end accounts that know can rip them off.

    Its a shame that these non-committed firms are becoming non existent, as the reverse engineering of their desk/research models was kind of easy money and liked to not-in-comp trades around just to keep these guys fed.

  19. Posted by Guest | November 29, 2012 at 10:29 PM

    Old School = Long Term Capital.

    Old Fart=L ong Term Care.

    UBS Acronym Quant

  20. Posted by Guest | November 29, 2012 at 10:30 PM

    Laxbro's its just the job not your joystick.

  21. Posted by Guest | November 29, 2012 at 11:25 PM

    Cover page for Playgirl "Men of Credit Suisse" issue.

  22. Posted by UBS ER Guy | November 29, 2012 at 11:34 PM

    *Shew*

  23. Posted by Guest | November 29, 2012 at 11:49 PM

    Sounds like the research team is beign eaten by LOCUSt.

    UBS buy-side analytics quant.

  24. Posted by bob | November 30, 2012 at 9:07 AM

    what exactly would you say you do around here?

  25. Posted by engineer over here | November 30, 2012 at 9:55 AM

    smoke if you've got 'em

  26. Posted by guest | November 30, 2012 at 12:07 PM

    All six employees?

  27. Posted by Spock | November 30, 2012 at 3:14 PM

    I think I know your son. Does he know what's about to happen?

  28. Posted by G2D | November 30, 2012 at 5:40 PM

    So happy I don't work there anymore
    With " Managers" like PhilVasan "all vaporwhare spreadsheets no clients " no wonder why it is vanishing
    No worries he still has a job although my former department P&L is halved 4 yrs after this moron took over