Layoffs Watch '15: Credit Suisse

Analysts think the appointment of Tidjane Thiam is probably a sign big cuts are coming to IBD.

Happy New CEO (who will take over at the end of June) Day! Less happy if you work in the investment banking division, where analysts are expecting "significant" cuts.

Al Alevizakos, an analyst with Keefe, Bruyette & Woods, said an appetite for acquisitions might help Credit Suisse bolster its private banking business. Mr. Thiam’s appointment is also a sign that Credit Suisse will make more significant cuts to its relatively high-risk investment banking presence, he said. “I’d be surprised now if they didn’t put the knife into the bone,” Mr. Alevizakos said. Pressure to shrink the investment bank comes as Swiss officials are expected to implement new, tougher capital requirements to better protect the country’s broader economy.

Credit Suisse Names Tidjane Thiam as New CEO, Replacing Brady Dougan [WSJ]


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]