Layoffs Watch '15: Credit Suisse

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

Layoffs Watch '12: Credit Suisse

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]