US
Round Three For Credit Suisse?
Jun 20 2008
Credit Suisse is reportedly preparing another round of layoffs centered in its investment banking division, including high-yield sales and trading and leveraged loans.
An anonymously sourced story in the New York Post gave no numbers or timing, but described the purported plan as cutting "muscle, not just fat."
Credit Suisse's investment banking unit employs about 19,000 people worldwide. The firm announced layoffs of 500 people each in January and in April, and trimmed 100 support jobs from its asset management unit earlier in June. The need for further cutbacks stems from slumping activity, the Post says.
