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.