Layoffs Watch '16: Credit Suisse Bankers Are Girding Their Loins

The Swiss bank is said to be asking London bankers to turn in their ID badges, forever.
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This probably won't help ingratiate CEO Tidjane Thiam with his investment bankers (which is fine, because the feelings of hate are mutual).

Senior headhunters say staff at Credit Suisse’s London investment bank are being informed this week – possibly today – about a new round of job cuts which is expected to affect all divisions of the bank. Credit Suisse declined to comment. If Credit Suisse does announce a new round of cuts this week, it will be the latest of several this year and the first since the summer break.

Credit Suisse London bankers braced for new round of redundancies [eFinancial]

Related: Credit Suisse CEO, Credit Suisse Bankers Pretty Much Openly Hating Each Other Right Now: NYT


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]