Goldman sacks, C Suisse in Russia private banking blow

Sacks

The bloodletting at Goldman Sachs got worse.

The New York Post reports that the bank announced on Monday it was laying off 55 more New York employees — the fourth wave this year - bringing the total count in the state to about 405, according to documents filed with the Department of Labor.

The Empire State cuts are the steepest since 2008, when the bank laid off about 900, according to the company’s filings.

In the meantime, Bloomberg News reports that Credit Suisse said it will stop accepting money in Russia from its private-banking clients, citing low demand in the sanction-plagued country.

After the bank reviewed its operations, it 'will continue providing advisory services for private banking customers in Russia but without onshore booking', Credit Suisse said in an e-mailed statement Monday. The bank said it has 'only a small number of clients' that keep their assets in Russia, where it has provided private banking since 2006.

Goldman Sachs to start another wave of employee layoffs

Credit Suisse Axes Russia Onshore Private Banking as Demand Ebbs

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts