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Credit Suisse to cut investments jobs.

 

Credit Suisse

Credit Suisse is preparing up to cut more than 10 per cent of European investment bankers this year, having already let hundreds of staff go in London and Zurich last month, according to people with knowledge of the moves.

In October, the crisis-plagued Swiss lender announced that it planned to cut as many as 9,000 roles globally over the next three years from its 52,000 workforces. But those plans have stepped up in recent weeks as the bank prepares to announce its second consecutive annual loss next month.

Credit Suisse is under more acute stress than its peers, given it suffered massive client withdrawals in October following social media rumours about its financial health. As a result, it has racked up quarterly losses over the past three years.

The initial wave of 2,700 global redundancies in December included 540 job cuts in Switzerland and as many as 200 in London. Credit Suisse employs more than 5,000 in London and 16,000 in Switzerland.

The lender employs around 17,000 investment bankers globally, with its main centres in New York and London.

In some of Credit Suisse’s smaller European outposts, as many as a third of jobs are threatened as the bank restructures its operations to eliminate overlapping roles and front-office positions.

Few of Credit Suisse’s investment bankers expect much in the way of a bonus this year, given the annual loss the bank has signalled it will report next month.

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  1. Jason16 January 2023 at 15:50

    I'm actually surprised they let go of just 10% of their workforce. I think they should have opted for 25% so they can keep going and return to where they were once. I know jobs will be lost and people will hurt but in this case, what else can be done?

    ReplyDelete
    Replies
    1. Andy16 January 2023 at 18:49

      I agree. I hate seeing people lose their job but 10% is just going to prolong a bankruptcy that seems unavoidable. If you truly want to save CS then go all in. Isn't it better to let some people go while taking better care of the remaining ones?

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