Wow, Credit Suisse is about to announce a huge round of layoffs as part of a more general statement on cost savings measures, Reuters reported.
The Swiss bank will slash between 1,500 – 2,000 jobs, according to a Swiss newspaper Neue Zuercher Zeitung, and is expected to publicly announce the plan on Thursday when it publishes its quarterly earnings.
Several hundred of those jobs lost will be in the U.S.
In June, it was reported that Credit Suisse was planning to cut hundreds of jobs in the U.S.
The implementation of the layoff plan began last month here, with cuts in equities, debt, finance, ops and investment banking.
With trading sluggish, most of the major banks have indicated big headcount reductions were imminent.
Morgan Stanley will cut hundreds of jobs from its brokerage division. BarCap has already commenced a round of cuts. Goldman Sachs and Bank of America have also started to cull workers in the last month.