Denizens of the House of Dougan may want to gird their loins for the next several months.
Credit Suisse has concluded that deeper cuts to its fixed income franchise will be needed over coming months, with management finally bowing to years of pressure to scale back in the area after revealing that the business suffered its worst start to the year since 2008. The global macro products desk, which houses the Swiss bank's rates, foreign exchange and commodities offerings, is likely to face the brunt of any cuts, with continued low interest rates across the developed world and new regulations dramatically reducing client trading volumes and profitability.
