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Stories of Interest
- 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 to Cut Up to 6,500 Jobs in 2017
Credit Suisse is to cut up to 6,500 jobs this year after reporting a $2.43 billion net loss for 2016, and said it was examining alternatives to a planned stock market listing of its Swiss business. CEO Tidjane Thiam, who took over at Switzerland's 2nd biggest bank just over 18 months ago, is shifting the group more toward wealth management and putting less emphasis on investment banking.
As part of his turnaround plans, the bank is looking to cut billions of dollars in costs and has set a target of between 5,500 and 6,500 job cuts for 2017, according to CFO David Mathers. The bank did not specify where the extra cuts would come but said this would include contractors, consultants and staff. Credit Suisse also left open the possibility that it would sell 20-30% of its Swiss business in an IPO.
For the fourth quarter, Credit Suisse reported a $2.4 billion loss, largely on the back of a roughly $2 billion charge to settle U.S. claims the bank misled investors in the sale of residential mortgage-backed securities.