Layoffs Watch '08: Credit Suisse To Can Both Essential And Non-Essential Employees At Some Point In The Future

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The Post reports that the marginally more successful, slightly less tax-evading Swiss bank in town plans to distribute a handful of pink slips in investment banking, probably around the time it mentions a sizable writedown with its second quarter earnings, though the "exact timing could not be learned." The cuts are said to cover high-yield sales and trading as well as leveraged loans, and hack away at "muscle, not just fat."
CREDIT SUISSE HEADS BACK TO THE CHOPPING BLOCK [NYP]

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While Brady Dougan is keeping his job, the same cannot be said for 1/3 of European investment bankers. Credit Suisse is to cut senior staff in its European investment banking department by up to a third, three sources familiar with the matter said, as tighter regulation and weak markets hit the sector. "In the European investment banking business, they are going to get rid of 60 directors and managing directors," one source said on Monday. The investment banking department affected advises on mergers and acquisitions, stock market listings, financing and debt issues, as opposed to other areas of the broader investment bank that focus on securities trading. "It is about a third of the directors and 10-15 percent of the MDs," the first source said, referring to what are typically two most senior job ranks in the banking world. The layoffs would happen in July, this person said. The formal redundancy process can last several months. A second source said the cuts could end up affecting 20-30 percent of senior investment banking staff in Europe. Credit Suisse To Make Heavy Job Cuts In Europe [Reuters]

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