Layoffs Watch ’14: Credit Suisse

Denizens of the House of Dougan may want to gird their loins for the next several months.

Credit Suisse has concluded that deeper cuts to its fixed income franchise will be needed over coming months, with management finally bowing to years of pressure to scale back in the area after revealing that the business suffered its worst start to the year since 2008. The global macro products desk, which houses the Swiss bank’s rates, foreign exchange and commodities offerings, is likely to face the brunt of any cuts, with continued low interest rates across the developed world and new regulations dramatically reducing client trading volumes and profitability.

Credit Suisse to cut deeper in fixed income [Reuters]

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7 Responses to “Layoffs Watch ’14: Credit Suisse”

  1. Bakken Bjorg says:

    It can't be happening to the CS FICC group! They know about VaR, speedlines, costless collars and risk buckets. Come on, I mean, that's pretty deep stuff to put in a pitchbook.

  2. BNP HR says:

    There will be no fixed income desks in a few years. Lucky for us we never had one! Our clients love us because we take zero risk whatsoever. Sometimes we don't even open the office, we tape pre-recorded Ferris bueller like conversations and go to shop for scarves.

  3. That pic says:

    Makes him look like he just sharted in a full elevator in Davos

  4. guest says:

    I'd like to gird Bess' loins

  5. Gerome says:

    Our cuts will beat theirs! They will be deeper and broader.

    – UBS Competitive Analysis Quant.

  6. Brady boy says:

    CS where innovation = RIF