Credit Suisse preparing to cut 10 per cent of European investment bankers – report
Credit Suisse is preparing to lay off more than 10 per cent of its European investment bankers after issuing redundancies to hundreds of staff last month.
The Swiss bank is planning to make widespread layoffs, as it pushes forwards with plans to sack thousands of workers, the Financial Times reported.
Credit Suisse declined to comment on the report.
In October, the crisis-ridden bank outlined plans to cut 9,000 of its 52,000 workers over the next three years, as it faces intense pressure to reduce costs.
These plans are set to accelerate in the coming weeks, as the Swiss lender prepares to announce its second consecutive annual loss this month.
The push to cut jobs saw Credit Suisse make 2,700 of its staff redundant in December, including 540 workers in Switzerland and 200 in London. Credit Suisse currently employs more than 5,000 people in London and roughly 16,000 in Switzerland.
Consultations on plans for the next round of layoffs have now started, with more than 10 per cent of European investment banking jobs under review, the Financial Times reported.
In some of Credit Suisse’s smaller European outposts, up to a third of jobs may be at risk. A final decision on the redundancy plans is expected next month.
The plans come after Goldman Sachs last week began cutting 3,200 staff, with a view to making 6.5 per cent of its global workforce redundant.
Credit Suisse is also cutting back on bankers’ bonuses its bid to reduce costs.