Credit Suisse to cut 75 jobs in Britain
Published 12/08/2010 | 05:00
Credit Suisse, Switzerland's second-largest bank, is cutting 75 jobs in its UK investment banking unit, joining competitors, including Barclays, in paring staff as revenues decline.
"We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions," the firm said yesterday in an emailed statement.
"This involves both shifting resources to growth areas and adjusting capacity to meet client needs and to manage costs across the business."
The job cuts may signal a reversal of recent hiring by Wall Street firms after lacklustre markets damped second-quarter revenue at firms from Goldman Sachs to JPMorgan Chase. Credit Suisse's investment bank posted a 21pc decline in revenue, as trading revenue slid 27pc amid Europe's sovereign debt crisis, the bank said late last month.
Credit Suisse's investment banking unit had 20,600 employees worldwide at the end of the second quarter, up 3pc from 20,000 at the end of March, and up 9.6pc from 18,800 a year earlier, according to the company's latest report.
Credit Suisse didn't say how many employees it has in the UK. Barclays Capital, the investment-banking unit of London-based Barclays, plans to cut about 300 administrative and support jobs, said a person briefed on the discussions. (Bloomberg)