Attention all my chippies across the pond! No plans tonight? Perhaps you should considering crashing the holiday party being thrown by CS London Equities, tonight at Studio Valbonne. 62 Kingly Street, Brady Dougan expected (in my mind) to attend.
Related? Credit Suisse To Cut 5300 Jobs, To See Losses of $2.5B
The House Of Dougan has apparently said Do svidaniya to a handful of comrades.
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]
Analysts think the appointment of Tidjane Thiam is probably a sign big cuts are coming to IBD.
Cuts were said to have gone down at the House of Dougan this week. "Layoffs at Credit Suisse this week, mostly Wednesday and Thursday. ASO / VP level in IBD groups in New York (TMT, Energy, Industrials, Sponsors)."
