Layoffs Watch '16: Credit Suisse Planning To Give A Bunch Of Employees The 'It's Not You It's Me' Speech

You're a great banker, but I'm just not in a place where I'm emotionally ready for your pitchbooks.

Tidjane Thiam hopes y'all can still be friends.

Credit Suisse Group AG, Switzerland’s second-largest bank, plans to dismiss 163 workers in New York. The cuts will take place through May, the Zurich-based company said in a notice to the state Department of Labor dated Thursday. Chief Executive Officer Tidjane Thiam is shrinking the securities operation and building up wealth management in Asia amid demands from regulators to reduce risk and boost capital levels.

Credit Suisse Says It Plans to Cut 163 Workers in New York State [Bloomberg]