Reuters reports that Credit Suisse Asset Management (CSAM) has confirmed that it has cut its headcount by 10% in the Americas. The firm has around 600 staff remaining in the region.
Fund management firms around the globe continue to suffer in the current hostile climate, which is characterized by weak stock markets. Unlike investment banks, asset management firms are unable to downsize quickly as their funds still have to be managed. You don't usually close funds down just because they are momentarily underperforming - unlike corporate finance departments.
Although there have been tens of thousands of job cuts in investment banking, asset management has so far been relatively unscathed. This is not because firm's are not suffering, but because it has taken some time to capture techology and productivity gains before they are in a position to exit staff. Expect more fund manager's to downsize as we go into 2003.