Credit Suisse shuts CMBS loan division

Credit Suisse is closing its commercial mortgage-backed securities (CMBS) loan-origination unit, affecting around 50 jobs, but will continue its secondary trading operation, according to a source close to the matter. The bank has not structured a CMBS offering this year, but has made loans that were contributed to other transactions since it restarted its commercial real estate lending operation this past spring. In May, Credit Suisse started to rebuild its CMBS team, hiring industry expert Roger Lehman to head CMBS research. Meanwhile, Bank of America has told 324 employees in Manhattan that their jobs will be cut, according to Bloomberg.