Credit Suisse is getting ready for a massive round of layoffs.”The Swiss bank… will cut jobs in investment banking. This affects hundreds of people… primarily in the U.S. but also in Switzerland,” according to Swiss paper Handelszeitung, via Here is the City.
Specifically, equity and bond trading has been suffering lately, according to the report.
Salary hikes that were implemented in the anti-bonus atmosphere, is one of the reasons given for a new round of financial sector layoffs.
“The cuts could be most severe at Credit Suisse and UBS, which appear to have the highest fixed compensation costs,” Crains reported yesterday.
So Credit Suisse is not the only bank that’s reported to be reducing American headcount.
Morgan Stanley will cut hundreds of jobs from its brokerage division. BarCap has already commenced a round of cuts.
Even Goldman Sachs, Bank of America, and JP Morgan “are among those financial institutions either weighing staff cuts or actually paring payroll.”
Impending layoffs at those banks are said to be concentrated in equities trading and investment banking.
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