According to Reuters, Swiss bank Credit Suisse could
announce the loss of up to 5,000 jobs in its investment banking business at its
forthcoming first-quarter results, a Swiss newspaper reported on Sunday.
Citing an estimate from a member of senior management, the
Sonntag newspaper said the bank could cut around 5,000 positions. The
investment bank is "simply completely oversized", the person was
quoted as saying.
The bank is due to report first-quarter results on April 25. Credit Suisse ended 2011 with 20,900
investment bankers, 200 more than at the beginning of the year. Staff count at
the whole bank was largely stable even after two rounds of cuts eliminated 7
percent of the bank's overall workforce, or 3,500 jobs…
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