Credit Suisse was set to begin a round of layoffs this week and they have begun.
According to Dealbreaker, “Cuts have begun at the Swiss bank this morning. Apparently layoffs “affecting equity, debt, finance, ops, I-banking” have been going down this AM and are expected to continue “through tomorrow.””
Reports surfaced last week that Credit Suisse was going to be making cuts in the i-bank, according to Swiss paper Handelszeitung.
We heard CS was waiting until the end of the month.
Equity and bond trading has been suffering lately also, 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 last week.
Credit Suisse is not the only bank that is reducing its 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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