Layoffs Watch '11: Credit Suisse

Author:: Bess Levin
Updated:: Jan 14, 2019
Original:: Oct 31, 2011

The (other) Swiss bank will be cutting people and assets, so don't take it personally.

The job cuts, on top of the 2,000 positions the bank said in July it would slash, will mainly occur in investment banking in the United States and London but will also affect wealth management, the Tages-Anzeiger daily said...The bank looks set to report a big fall in third-quarter underlying earnings on Tuesday as its investment bank suffers from the same sluggish business seen by other banks amid sovereign debt and economic woes. Without citing its sources, the newspaper also said Credit Suisse would seek to cut its risk weighted assets by about 100 billion francs or almost a half, in particular by slashing the capital-consuming fixed income business.

[Reuters]

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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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Cuts are expected to go down at the House Of BD.

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The Swiss bank is not done with its firings. Credit Suisse, the second- biggest Swiss bank, told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months. The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs. [Bloomberg]

Layoffs Watch '11: Credit Suisse