C Suisse said cutting London jobs

London Canary Wharf

'Carrying out a fresh round of job cuts in London, shrinking its workforce'.

Credit Suisse is carrying out a fresh round of job cuts in London, shrinking its workforce by about 180 employees this week, most of them in the trading unit, two people said.

Bloomberg News reports that about 130 employees lost their jobs in the global markets unit, including as many as 50 in equities and about 80 in the fixed-income business, said one of the people, who declined to be identified. The person said the remaining cuts occurred across support functions like information technology and human resources. Another person said the bank plans a further round of job cuts next month.

A spokeswoman for the bank in Zurich, Anuschka Ross, declined to comment. Credit Suisse had said it would eliminate 6,000 jobs globally this year, with 3,200 still to go as of March 23.

The bank is downsizing its securities unit as part of an overhaul shifting its focus to wealth management. Chief Executive Officer Tidjane Thiam was forced to deepen his restructuring plans in March, after a tumultuous start to the year showed that the bank was still too vulnerable to market risks.

To access the complete Bloomberg News article hit the link below:

Credit Suisse Said to Cut 180 London Jobs, Mostly in Trading

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