Credit Suisse Group, the second-biggest Swiss bank, plans to cut more than 40 managing directors and directors at its investment bank in Europe, two people familiar with the plans said.
More than 20 managing director posts have been classified “at risk”, with about five people leaving since the Zurich-based bank announced bonuses earlier this year, the people said, who declined to be identified as details are private. Credit Suisse has about 120 managing directors at its investment bank in Europe, West Asia and Africa, one of the people said. About 20 director-level jobs are also under review, the person said.
Most of those affected by the cuts will leave the bank, while some will be relocated to other regions or positions, the people said. The cuts will be among issues discussed at a Credit Suisse strategy conference in London later today, they said.
The cuts at Credit Suisse come as other banks and securities firms in the UK and Europe reduce staff numbers following a slowdown in revenue. Royal Bank of Scotland Group plans to cut 200 posts at its investment bank, a person with knowledge of the situation said this month, while Barclays plans to cut as many as 50 jobs in its equities division worldwide, people with knowledge of the matter have said.
