Layoff Watch '18: Credit Suisse Looking Into How Many People Somehow Still Work At Credit Suisse

The bank tells Bloomberg that it isn't mulling over layoffs, which makes us wonder "why not?"
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We got a mystery on our hands!

tidjaneswiss

Here's Bloomberg saying that there will the walls will be covered in blood and pink slips in Credit Suisse's wealth management and global banking divisions:

Credit Suisse Group AG is considering hundreds of job cuts as Chief Executive Officer Tidjane Thiam’s drive to reduce expenses extends into a fourth year, according to people with knowledge of the matter.
The dismissals could start as soon as this year and help the bank achieve its 2019 expense targets, the people said, asking not to be identified discussing private information.

And here's Credit Suisse telling Bloomberg that it is full of scheiße:

Credit Suisse initially declined to comment before saying that “the notion that we are weighing hundreds of active job cuts is unfounded.” The bank also said that it will continue to invest in talent and seek to grow revenue in wealth management and investment banking.

Well, with the bank's stock down by almost 30% this year, a loss on trading revenue in the most recent quarter, Tidjane Thiam already cutting costs by three commas at a time, and no discernible relief in sight, we are perplexed by this controversy.

Looking at it from all angles and then taking a step back, we have to ask: Why does Credit Suisse feel the need to deny its employees the hope of their inevitable departure?

Credit Suisse Weighs Hundreds of Job Cuts to Reduce Costs [Bloomberg]

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Layoffs Watch '12: Credit Suisse

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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]