The aforementioned “significant” cuts new CEO Tidjane Thiam said he wants to see, as part of an effort to save 3.5 billion francs, started to go down across the pond today.
Credit Suisse Group AG (NYSE: CS) began trimming its fixed-income business in London, according to people familiar with the matter. High-yield bond trader Stephen Snizek, hedge fund salesman Charlie Breitzke and credit strategists Marco Gironi and Christian Schwarz are among those leaving the firm, according to two people, who asked not to be identified because the details are private. The Swiss lender is laying off about 200 traders in London as Chief Executive Officer Tidjane Thiam seeks to cut thousands of jobs worldwide and restructure its trading and advisory services, a person with knowledge of the matter said on Wednesday. Most of the jobs are being eliminated in the bank’s fixed-income unit, the person said.