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Credit Suisse: Layoffs!

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Update 11:45 PM: DealBook is reporting that the investment bank is laying off about 150 workers from its mortgage-backed securities unit. Sourced to "a person with knowledge of the matter."
Earlier reports: Credit Suisse is rumored to have laid off a massive amount of New York employees today. The whisper number for the layoffs was 400 people in New York. Two people familiar with the situation say that within the bank that's the number people are talking about. DealBreaker has been given strong reason to believe that the actual number number is far lower. We're also told that no investment bankers have been laid off.
The layoffs are said to be a continuation of similar layoffs in mortgage related units at other investment banks, according to a knowledgeable source. The gossip had been that the structured products group took the hit. But we spoke to someone at the structured products desk at Credit Suisse who says that his group is still hiring.
This summer’s credit crunch and subsequent drying up of the leveraged buyout market, have sparked persistent rumors and predictions of job losses on Wall Street. It's clear that there are lots of jitters all across Wall Street.
Credit Suisse could not immediately be reached for comment. We'll update this space as we get more information.
Update 6:30: We're sending a reporter over there to see what's up. Will scout nearby bars for CSers drowning their sorrows.
Update 7:00 We're out of here. Check comments below for additional rumor-mongering. We'll check back in later tonight when we've had a chance to check our email again.


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