Friday, March 24, 2023

At CS, every tenth investment banker should go

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Dismantling larger than planned?

At CS, every tenth investment banker should go

Credit Suisse will outsource much of its investment banking operations in First Boston. Numerous investment bankers will have to leave the bank by then. The job cuts are expected to be even greater than previously assumed.


Bank in trouble: Credit Suisse will present a billion-dollar loss in February for 2022.

Credit Suisse is undergoing restructuring. For the employees, this means above all layoffs and these are now likely to be even greater than was previously known. The major Swiss bank is to cut every tenth job in European investment banking, as reported by the “Financial Times”.

In October, CS presented comprehensive restructuring plans, which could 9,000 of the 52,000 jobs worldwide fall victim to. Because the big bank is due to present its annual results on February 9, the bank is said to have tightened its reduction plans again. The big bank will have to present a loss of several billion francs.

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