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.
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.
To access the complete Reuters article hit the link below: