C Suisse expected to cut 2,000 more investment banking / capital markets jobs this year

Hatchet

Right-sizing.

Credit Suisse has cut more than 1,000 jobs in London this year as part of chief executive Tidjane Thiam's turnaround plan, which showed signs of progress last quarter as he cut costs, risks and the size of the investment bank.

Reuters reports that Credit Suisse on Thursday reported a surprise profit in the second quarter and Thiam said progress had been made to reduce costs and risks, "rightsize" the investment bank, improve capital and generate growth.

"I never want to declare victory after two quarters," Thiam told reporters on a conference call. "All we're saying is things are moving in the right direction and we're fixing a lot of problems that developed over a long period of time."

Thiam said Investment Banking and Capital Markets remains core to his strategy and clients, but his plan to shrink the capital-intensive global markets business is expected to see about 2,000 more jobs go. The bank has cut 1,400 global markets jobs this year, reducing employees to 11,620 at the end of June.

To access the complete Reuters article hit the link below:

Credit Suisse cuts 1,000 London jobs as turnaround gains traction

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