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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Credit Suisse Axe 175 London Jobs Ahead of Investor Day
[Photo: Zeppelin, by de:benutzer lakeconstance]
Credit Suisse Group cut about 175 jobs in London this week to lower costs, part of its overhaul that sees the lender focusing more on wealth management. The measures will bring the bank closer to a previously announced goal of eliminating about 6,000 jobs this year and scale back the global markets business. A large number of Credit Suisse’s employees in London work in the investment bank.
CEO Tidjane Thiam, who is scheduled to update investors on a year-old turnaround plan next week, is under pressure to deepen cost cuts at the Swiss bank. CS has been pulling back from costly debt-trading after losses on high-risk bets flared up earlier this year. A slump in its equities business, which the lender said it wants to grow, has added to difficulties at the global markets unit.
As of last month, the company still had to eliminate about 600 positions this year to reach its headcount goal and push costs below a target of 19.8 billion francs ($19.5 billion) in 2016.