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.