Credit Suisse Group is moving ahead with its plan to cut more than 3,500 jobs as it is set to shed up to 30% of senior jobs at its European investment-banking department, people close to the bank told foxbusiness.
Last year, Switzerland's second-largest bank disclosed plans to cut as much as 7% of its workforce. At the end of March, the bank said 2,000 of these jobs had already been eliminated.
The next business to feel the axe is the investment-banking department in Europe, where between 20% and 30% of jobs will be eliminated, the people said. This business includes activities such as advisory, mergers and acquisitions, as well as equity and debt-capital markets. It is a unit of the broader investment bank, which includes fixed income, currency and equity trading.
The cuts come as Credit Suisse, like many of its rivals, is under pressure to reduce costs, as the industry never fully recovered from the 2008 financial crisis. Credit Suisse suffered a dismal second half in 2011, and earnings in the first quarter this year were lackluster. The second quarter promises to be no better, analysts said…
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