Credit Suisse cuts 5,300 jobs
ZURICH - Swiss bank Credit Suisse is planning to purge 5,300 jobs, in the wake of a Sfr3 billion ($2.5 billion) new loss across the firm during October and November 2008. Two thirds of job losses are expected to fall within its investment banking arm - responsible for the bulk of the firm's losses. The job cuts represent 11% of the bank's total workforce, alongside a reduction of 1,400 external contractors.
The bank has said the cuts represent an overhaul of its investment banking unit, with a reduced focus on complex credit and structured product origination, in addition to exiting some proprietary and principle trading activities. Chief executive Brady Dougan said the measures "will reposition the business in line with a fundamentally changed macroeconomic environment". The bank aims to save Sfr2 billion, equating to 9% of its annual cost base, in the first three quarters of 2009. As part of the bank's cost-cutting drive, Dougan and Paul Calello, chief executive of the investment banking arm, have committed to forgoing bonuses for 2009.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Saudi Arabia poised to become clean netting jurisdiction
Isda AGM: Netting regulation awaiting final approvals from regulators
Japanese megabanks shun internal models as FRTB bites
Isda AGM: All in-scope banks opt for standardised approach to market risk; Nomura eyes IMA in 2025
CFTC chair backs easing of G-Sib surcharge in Basel endgame
Isda AGM: Fed’s proposed surcharge changes could hike client clearing cost by 80%
UK investment firms feeling the heat on prudential rules
Signs firms are falling behind FCA’s expectations on wind-down and liquidity risk management
The American way: a stress-test substitute for Basel’s IRRBB?
Bankers divided over new CCAR scenario designed to bridge supervisory gap exposed by SVB failure
Industry warns CFTC against rushing to regulate AI for trading
Vote on workplan pulled amid calls to avoid duplicating rules from other regulatory agencies
Bank of Communications moves early to meet TLAC requirements
China Construction Bank becomes last China G-Sib to release TLAC plans
Most read
- Top 10 operational risks for 2024
- Japanese megabanks shun internal models as FRTB bites
- Top 10 op risks: third parties stoke cyber risk