Skip to main content

Unfounded Rumor Of The Afternoon: Cuts A-Comin' At Credit Suisse?

  • Author:
  • Updated:

Prop trading at Credit Suisse plans to cut around 30% of traders in the near term.

Most of the prop accounts are flat or down for the year, except for the trade "front-running" index rebalance. At 2008 CS prop. was down around 2 billion, 2009 was better, but now apparently upper management realized that these guys don't really have an edge. CS prop. run by Bob Jain - nice, but clueless guy. Pnl of the accounts managed by him personally was consistently negative in the range -20m /-50m per year, before the year end he usually tried to spread around his losses to accounts that were up for the year, claiming he did macro hedging. Pretty entertaining.


Layoffs Watch: Credit Suisse

The House Of Dougan has apparently said Do svidaniya to a handful of comrades.

Layoffs Watch '12: Credit Suisse

Cuts are going down at the House of Dougan today. From the front lines: "Layoffs started at Credit Suisse this morning, across the investment bank. All levels affected, including a good amount of senior guys." Apparently these reductions are part of a round cuts announced last year and were to be expected (though the "let's have a chat" from HR this morning may still have been a slight surprise for those being asked to take a seat).