C Suisse halfway through global markets job cuts

Tidjane Thiam

Half of the 2,000 staff earmarked to go from Credit Suisse's global markets division have already been notified, the bank said on Tuesday, as it reported a swing to a first-quarter loss.

Reuters reports that the confirmed staffing cuts aim to save $260m annually and Credit Suisse said it hopes to inform the other 1,000 staff by the end of the year.

Last week, the bank said its latest round of job cuts would involve 130 staff, of which 80 were in fixed income, currencies and commodities and 50 from equities. Credit Suisse declined to give a breakdown of the remaining positions to be lost.

Overall, CEO Tidjane Thiam has said he wants to reduce headcount across the group by 6,000. Many of those are contractors and back-office roles. FICC is expected to see more cuts as the bank focuses on equities as a key earnings driver under its new strategic plan.

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Credit Suisse halfway through markets job cuts

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