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Credit Suisse Announces New York Job Cuts

May 16, 2012
[ By Howard Haykin ] Credit Suisse Group AG told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months.  The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will be completed by 8/6/12, according to a Department of Labor filing.  The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs. Financial companies, mainly in Western Europe and the U.S., disclosed plans last year to eliminate more than 200,000 positions as they adapt to capital requirements and prolonged economic weakness.  Jack Grone, a spokesman for Zurich-based Credit Suisse, declined to comment beyond the filing. The firm said last month that Q1 profit plunged 96% to 44 million Swiss francs ($47 million), after it booked accounting charges related to its own debt and costs for 2011 bonuses.  The company said at the time it was on track to save about 2 billion francs in annual costs by the end of 2013.   [Bloomberg, 5/15/12]