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.

Author:: Bess Levin
Updated:: Jul 2, 2019
Original:: Sep 26, 2016

Getty Images

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

And it's going to need lots of employees' help to achieve it, by boxing up their things and leaving the building (forever).

Traders in London were asked to clean out their desks today.

Thanks for asking.

So...that's not great.

Photo: Getty Images.

Which do you want first?

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

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

The bad news is that big execs will be receiving tiny bonuses. The good news is that most of them will be keeping their jobs, unlike some other employees at the bank.