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Credit Suisse is planning to cut more than 10% of its European investment bankers this year, adding to hundreds of job losses in London and Zurich, the Financial Times newspaper reported, citing people with knowledge of the plans.
The Swiss lender has been reducing headcount across its divisions after announcing plans to reduce 9,000 roles globally by 2025 last year. The further cuts come after the crisis-hit bank gears up to announce its second consecutive annual loss next month.
A wave of job cuts have hit the investment banking world with a recession looming and after revenues plummeted. Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG and Barclays Plc have all either fired staff or announced they plan to do so in the coming months.
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Source: https://finance.yahoo.com/news/credit-suisse-set-cut-10-154304570.html