Credit Suisse is cutting trading jobs right now

Credit Suisse started cutting jobs in London, according to people familiar with the matter.

The bank is putting around 130 people at risk in the global markets business in the UK capital, according to the people.

The cuts started on Tuesday and are continuing in to Wednesday. Of the 130, around 80 are in fixed income, with the other 50 in equities, the people said.

Credit Suisse previously announced that it would accelerate cuts to the investment bank after reporting weak results.

The bank said late Tuesday that it had sold some of its distressed credit portfolio to TSSP for around $1.27 billion.

The bank said that Bob Franz, head of US credit trading, and Ken Hoffman, head of distressed research and trading, would leave to form a new asset management to assist in servicing the assets.

The bank will report results on May 10, and give an update on the its distressed credit exposure then. That business has been a thorn in the side of the new CEO Tidjane Thiam, who said traders had racked up positions without telling anyone.

The Wall Street Journal subsequently reported that there were disagreements within Credit Suisse over how those positions had been managed, and who was to blame.

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