Credit Suisse To Cut 180 Jobs in London

jobsCredit Suisse CEO Tidjane Thiam is taking another pass at restructuring efforts. Credit: Alessandro Della Bella

Credit Suisse Group AG is planning to cut another 180 jobs in London this week. According to two people familiar with the story, most of the job cuts will take place at the trading unit of the organization.

Previously about 130 employees lost their jobs in the global markets unit, including as many as 80 in the fixed-income business and about 50 in equities.

The bank said it would eliminate 6,000 jobs globally this year and has since laid-off 2800 employees as of March 23.

The second largest Bank in Switzerland is also downsizing its securities unit as part of the overhaul plans to shift its focus to wealth management.

In March, Chief Executive Officer Tidjane Thiam was forced to adjust his restructuring plans after a tumultuous start to the year indicated the financial institution was still too vulnerable to market risks.

Credit Suisse has lost more than 45 percent of its stock value since Thiam, 53, joined credit Suisse from Prudential Plc. in July.

Thiam said last week that restructuring will continue to weigh on bank performance this year.

“We are building our platform for the future,” he said at the bank’s annual meeting in Zurich on Friday. “That can seem like a tough task, and one that rarely wins many plaudits in the short term, but it is the only path that will lead to success in the long term.”

Next week, the bank is expected to post its quarterly loss when it reports earnings.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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