Credit Suisse cut jobs in Brazil, but the surprise lies in what business unit they were in.
As executives at Credit Suisse discuss their strategy and potentially cutting thousands of jobs, the axe has fallen on 21 positions in the firm's wealth management unit in Brazil, according to «Bloomberg» (behind paywall), citing people familiar with the matter.
The positions are primarily among support staff and are part of a reorganization. After having identified «certain redundancies», the cuts were decided on to «strengthen and simplify our operating model», «Bloomberg» said citing a statement from Credit Suisse.
Sharpening the Axe
According to various media reports, Credit Suisse is planning to cut up to 5,000 jobs, as finews.com reported, to cut around $1 billion in costs.
Of its roughly 51,000 workforce, some 1,000 are located in Brazil, half of which are in the wealth management unit and the sixth largest investment bank in Brazil in terms of fee revenue, or »wallet», the story said.
