Credit Suisse said to be cutting jobs

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Reuters reports that Credit Suisse will cut 65 jobs across its fixed income business next week as part of its recently announced plans to reduce its presence in rates, according to two sources with knowledge of the plans.

The majority of the cuts are understood to fall in sales and trading, with about half of the job losses expected to be in the rates business, said one of the sources. Given the scale of the cuts, syndication and origination are also likely to be affected, he said.

The news agency reported last week that Credit Suisse said it will shrink interest rate trading after revenue and profit at its investment bank slid in the third quarter, further scaling back an area squeezed by strict new regulation and a drop in activity.

Finally, Bloomberg reports last month that Credit Suisse may trim jobs at its EMEA equities business, three people familiar with the plan said.

An e-mail was apparently sent to staff in the region last month informing them of the start of consultations that may include cutbacks, two of the people said, asking not to be identified as the plan is private.

Hit the link below to access the complete Reuters article:

Credit Suisse to cut 65 jobs in fixed income, say sources

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