• 17 Apr 2014 at 12:52 PM

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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Comments (7)

  1. Posted by Bakken Bjorg | April 17, 2014 at 12:58 PM

    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. Posted by BNP HR | April 17, 2014 at 1:02 PM

    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. Posted by That pic | April 17, 2014 at 1:06 PM

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

  4. Posted by guest | April 17, 2014 at 1:09 PM

    I'd like to gird Bess' loins

  5. Posted by DB HR | April 17, 2014 at 1:15 PM

    There will be no opening bells in a few years. Lucky for us we have one! Our readers love us because we give them something to read. Sometimes we even open the office, but we copy and paste others' articles and go to the bar for margs.

  6. Posted by Gerome | April 17, 2014 at 1:44 PM

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

    – UBS Competitive Analysis Quant.

  7. Posted by Brady boy | April 17, 2014 at 1:53 PM

    CS where innovation = RIF