Credit Suisse is going to be cutting some jobs. When the Swiss bank announced its restructuring plan last week, it said that it intended to remove 2,700 people before Christmas. Quite a few of those are likely to be investment bankers in the UK.
While Credit Suisse will maintain an M&A advisory team in EMEA under its new CS First Boston operation, the bank's equity capital markets, debt capital markets and leveraged finance bankers in Europe will all be surplus to requirement. Insiders say they've heard they could be let go as soon as next week.
Credit Suisse declined to comment on the timing of the cuts. "We will resize our capital markets business in EMEA to be a real advisory only business," said Credit Suisse CEO/hatchet man Ulrich Koerner last Thursday. "We have not achieved results over many years and we do not have the right standing in EMEA."