Layoffs Watch '16: Credit Suisse Has A Dream

And it's going to need lots of employees' help to achieve it, by boxing up their things and leaving the building (forever).
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That dream is to not only not have another quarterly loss of nearly $6 billion, but to-- against all odds-- make a whole buncha money over the next several years. That's where 4,000 of Credit Suisse's finest come in.

Thiam signaled confidence in his target of more than doubling pretax profit by 2018, which he wants to achieve by shrinking the volatile trading business and building up wealth management in Asia. Citing the “particularly challenging environment” since he announced a strategic overhaul in October after his appointment as CEO, Thiam said he would accelerate staff reductions, with 4,000 jobs cut by the end of this year. “The problem is that he set some really demanding targets, and he’s now having to adapt to perhaps a new paradigm,” Christopher Wheeler, an analyst at Atlantic Equities, said on Bloomberg Television. “That means he has to make deeper cuts at the investment bank to really see the wealth-management performance shine through.”

Credit Suisse Stock Plummets as Investors Question CEO's Targets [Bloomberg]

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Layoffs Watch '12: Credit Suisse

Cuts are going down at the House of Dougan today. From the front lines: "Layoffs started at Credit Suisse this morning, across the investment bank. All levels affected, including a good amount of senior guys." Apparently these reductions are part of a round cuts announced last year and were to be expected (though the "let's have a chat" from HR this morning may still have been a slight surprise for those being asked to take a seat).

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]