REPORT: Credit Suisse Could Soon Axe 5,000 Investment Bankers

credit suisse

Photo: Herve Boinay | Flickr

Just when you thought the worst of Wall Street’s layoffs were over, news reports out of Switzerland suggest the axe may be coming down again.From Der Sonntag via Reuters:

Citing an estimate from a member of senior management, the Sonntag newspaper said the bank could cut around 5,000 positions. The investment bank is “simply completely oversized”, the person was quoted as saying.

Separately, Oswald Gruebel, the former CEO of UBS, recently told Finanz & Wirtschaft that Credit Suisse had 3,000 to 5,000 too many investment bankers on its payroll.

Credit Suisse is expected to announce its first quarter financial results on April 25.

In February, the Swiss bank announced a huge $698 million net loss for Q4 2011.

SEE ALSO: The 200,000 Layoffs That Rocked Investment Bankers In 2011 >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.