Two firms cut heads

Axe In Wood


Credit Suisse is eliminating jobs in its foreign-exchange team as part of an effort to shrink the bank’s fixed-income division, people with knowledge of the matter said.

Bloomberg News reports that at least six employees in foreign exchange in the U.K. and New York are being offered so-called redundancy packages, where they are told their jobs are at risk of being cut and given a set period of time to find other positions within the bank or leave, according to the people who asked not to be identified because the decisions weren’t public.

In the meantime, The Wall Street Journal reports that Julius Baer Group said it has trimmed hundreds of jobs this year as the Swiss bank continues to integrate the Bank of America Merrill Lynch wealth-management business outside of the U.S.

In an interim report released Wednesday, Zurich-based Julius Baer said its previously announced 'right-sizing' effort related to the acquisition of the Merrill business has resulted in the departure of 100 employees since the beginning of the year. Julius Baer had nearly 5,400 employees as of the end of 2013.

Credit Suisse Trims FX Team as Fixed-Income Unit Shrinks

Swiss Bank Julius Baer Cuts Jobs


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