[ by Melanie Gretchen ] Credit Suisse employees may discover Europe is not the place to be.  The firm will cut the European investment banking department by up to a third, three sources familiar with the matter said. Who's Out. The layoffs will occur in July, beginning the formal redundancy process that can last several months, one source said on Monday.  "In the European investment banking business, they are going to get rid of 60 directors and managing directors." All told, the first source said, "It is about a third of the directors and 10-15 percent of the MDs," referring to what are typically two most senior job ranks in the banking world. Of those laid off, 20% to 30% could be senior investment banking staff in Europe, the second source said. In the Works. The bank first laid out its plans to cut some 3,500 jobs worldwide and eliminate $2.1 billion in annual costs by the end of 2013 across its 3 major divisions of private banking, asset management and investment banking.  So far, it's made about 2,000 of the cuts by the first quarter of 2012, toward cutting about 7% of its workforce. "It will be much less severe in the U.S. and Asia. It is principally Europe.  It will be primarily in London, but obviously spread across the zone," the first source said. For further details, go to [CNBC, 6/25/12].