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Credit Suisse Could Cut 5,000 Jobs
April 16, 2012
Swiss bank Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming Q1 of 2012 results, a Swiss newspaper reports. The reported number is an estimate that the story cites as coming from a member of senior management. The individual further added that the investment bank is "simply completely oversized."
Q1 results are scheduled to be released on Wednesday, 4/25.
Credit Suisse ended 2011 with 20,900 investment bankers, 200 more than at the beginning of the year. Staff count at the whole bank was largely stable even after 2 rounds of cuts eliminated 7% of the bank's overall workforce, or 3,500 jobs.
The Zurich-based bank has faced increased shareholder criticism about the size and the cost of its investment bank, raising pressure on CEO Brady Dougan for cutbacks. A spokeswoman for the bank did not want to comment or confirm the report.
[Reuters, 4/16/12]

