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Things looked pretty bad for Credit Suisse after announcing its fifth profit warning in six quarters. They look a good deal worse after a sixth in seven, and they’re absolutely dire if you happen to work for the bank.

The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in multiple regions…. The dismissals are likely to come as the bank prepares to update investors on risk, compliance, technology and wealth management on June 28, said the people. The final tally of cuts is still to be decided, they said.

Of course, by then Credit Suisse could be on its way to not being Credit Suisse anymore, per this rather buried lede.

Swiss blog Inside Paradeplatz reported State Street Corp. could make a bid for Credit Suisse, citing a single “insider….” Inside Paradeplatz said that an offer for Credit Suisse at about 9 francs a share could come within days. A State Street representative said the firm is preparing a response to the report, while analysts were skeptical about a deal, citing the lack of strategic rationale for the US firm.

Credit Suisse Weighs New Job Cuts Round After Loss Warning [Bloomberg]

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State Street Agrees: Buying Credit Suisse Would Be Stupid

Turns out rumors sometimes are just rumors.

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Layoffs Watch: Credit Suisse Prime Brokers

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You Know, Now That You Mention It, Maybe Credit Suisse’s Board Could Use A Fresh Coat Of Paint

And that’s what it’s getting, to temporarily cover over all of the rot beneath.


Layoffs Watch ’22: Goldman Sachs

Dealmakers without deals to make are also dealmakers without jobs.

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Bonus Watch ’19: Credit Suisse

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Credit Suisse Seems To Have A Hot Summer Mess On Its Hands

An alleged incident of tipsy intern handling has seemingly led to a lot of bitter confusion about how Wall Street works.

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Credit Suisse Makes Human Sacrifice To Appease Gary Gensler

Perhaps now the regulatory gods will show the bank favor for once.