Credit Suisse to axe hundreds in its London investment bank

CREDIT Suisse has just concluded another round of job cuts that will see hundreds of jobs go in its London investment bank, according to a source familiar with the matter.

The cuts, which could be announced as early as this morning alongside its third-quarter results, will see an estimated 1,000 jobs slashed globally, with 750 of those likely to be shared between its London and New York offices, the source said.

The bank is closing a consultation over the next few days, but the final cuts number will not be clear for some time as some of those whose jobs disappear could move to other roles in the group, potentially in its wealth management division or in its growing Asian operation.

The latest round of job cuts, which come on top of headcount reductions in equities and fixed income, are understood to be focused in credit.

The cuts have raised speculation that the bank could follow UBS’s lead in strategically reviewing the size of its investment bank and moving instead to a focus on wealth management.

But some analysts disagree with the comparison, suggesting that Credit Suisse has a much more established investment banking franchise, particularly in Asia.

The bank declined to comment.