Layoffs Watch '11: Credit Suisse
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]