C Suisse said could axe 2,900 investment banking jobs

Axe In Wood

Part of a shift of capital away from trading desks to private banking in Asia.

Credit Suisse's new boss Tidjane Thiam could cut almost 3,000 jobs from its investment bank, or 15% of staff, as part of a shift of capital away from trading desks to private banking in Asia, analysts said.

Reuters reports that Thiam could cut $149.34bn of assets from the bank's fixed income, commodities and currencies (FICC) business under a plan to focus more on private banking in Asia and less on investment banking, analysts at JPMorgan said.

Thiam could cut the number of staff in the investment bank by 2,900 to about 16,500 to save costs, JPMorgan analyst Kian Abouhossein said in note to clients on Wednesday.

To access the complete Reuters article hit the link below:

Credit Suisse new boss could axe 2,900 investment bank jobs - analyst

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