CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount.
The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain or benefit of this shake-up.
“We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions,” it said.
Credit Suisse has strengthened its position during the credit crisis, which it escaped with far lower writedowns than rival investment banks such as Citigroup, Merrill Lynch and JPMorgan Chase.
Barclays’ investment unit BarCap announced it was cutting around 130 of its London back office staff on Wednesday after revenues fell more than 15 per cent from the first quarter to the second.
Global investment bank income was down by an average of about a third in the second quarter from the first, analysts have said, with fixed income, currencies, equities and M&A advisory desks bearing the brunt of the slowdown.