The reduction of Credit Suisse's surplus staff is happening in three stages with the first one said to be underway. Investment banking is particularly affected.
In a first wave of layoffs, which began at the end of last month, Credit Suisse is said to have already cut 200 jobs in investment banking, as reported on Wednesday evening by various English-language media.
The unit affected is reported to be Investment Banking and Capital Markets (IBCM). Neither Credit Suisse nor UBS wanted to comment and will likely save anything they have to say on various matters when results are reported at the end of the month.
Several Waves of Layoffs
The cuts would be particularly severe in the equity capital markets unit. Two more waves of layoffs are to follow in September and October. Yesterday, finews.com reported on the closure of Credit Suisse's Houston branch.
Credit Suisse's investment bank will likely be significantly downsized resulting from the UBS takeover. According to unconfirmed reports, between 30,000 to 35,000 jobs will be eliminated. At the end of last year, the two banks employed over 120,000 people, although several thousand are likely to have left since then.
