Credit Suisse is going through a restructuring process. For employees, this means layoffs first and foremost, and these will likely be larger than previously known. As reported by the “Financial Times”, the leading Swiss bank will lay off every tenth in European investment banking.
In October, CS presented comprehensive restructuring plans, of which 9,000 of the 52,000 jobs worldwide could fall victim. The bank is said to be tightening its reduction plans again, as the major bank presents its annual results on February 9. The big bank will have to offer a loss of several billion francs.
Do investment bankers get nothing out of bonuses?
With the first wave of layoffs in December, CS has already laid off 2,700 jobs, with 540 in Switzerland and 200 in London. There, he runs the largest investment banking department next to New York. The bank currently employs approximately 17,000 people in investment banking worldwide. According to the Financial Times, CS will decide next month how many jobs it will lay off in this field.
Those who are not fired are very likely to work for First Boston in the future. This will be the name of the CS investment bank after the planned split.
As another austerity measure, the bank cut the bonus pool by a third. Accordingly, only a few investment bankers should expect a bonus due to the annual loss. (smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
