Bloomberg News reports that some employees will remain in different roles while others will work on winding down the business, said one of the people, who requested anonymity because the figures aren’t public. The cuts won’t be immediate as the bank transfers the commodities book into its non-strategic unit, the person said.
CEO Brady Dougan has reduced the amount of capital dedicated to the trading business as investors have called for Credit Suisse to shrink its investment bank and focus on wealth management. The firm cited low volatility and client volumes in its decision to exit commodities trading and said the move will reduce costs by about $75m and lower risk-weighted assets and leverage exposure by $2bn and $5bn, respectively.
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