C Suisse concludes that deeper staff cuts are required

Deeper cuts needed over the coming months.

Thomson Reuters IFR reports that Credit Suisse has concluded that deeper cuts to its fixed income franchise will be needed over coming months, with management finally bowing to years of pressure to scale back in the area after revealing that the business suffered its worst start to the year since 2008.

The global macro products desk, which houses the bank's rates, foreign exchange and commodities offerings, is likely to face the brunt of any cuts, with continued low interest rates across the developed world and new regulations dramatically reducing client trading volumes and profitability.

'We are focused on reshaping the macro business to improve returns, and that means refining the range of products that we offer to clients and reducing the cost base of the business', said Lara Warner, chief financial officer of the firm's investment banking business. 'Given client volumes continue to decline, it makes sense to rethink the amount of capital that we allocate to this business'.

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Credit Suisse to cut deeper in fixed income

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