Layoffs Watch '11: Credit Suisse

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The Swiss bank sent a handful of employees to a farm upstate earlier today.

Credit Suisse, the second- largest Swiss lender, cut about 85 jobs in its investment banking unit today, two people with knowledge of the talks said. The reductions, in London and elsewhere, are part of the 2,000 the Zurich-based lender announced in July, said a third person, who declined to be identified because the details are private. A spokeswoman for the bank declined to comment today. The lender said this month it would eliminate a further 1,500 jobs after its investment banking unit posted its first quarterly loss since 2008 in the third quarter.

[Bloomberg]

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Layoffs Watch '12: Credit Suisse

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]