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…
Read more:
http://www.foxbusiness.com/news/2012/06/25/credit-suisse-to-cut-investment-bank-jobs-in-europe/#ixzz1yseImAV9
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