Credit Suisse takes axe to equities, fixed income divisions
By Anjuli Davies
LONDON (Reuters) - Credit Suisse is cutting around 80 people in its global fixed income business and just under 50 people in its equities division as part of the Swiss bank's accelerated restructuring programme, a source familiar with the matter said on Wednesday.
Switzerland's second-biggest bank said in March it would shave an additional 800 million Swiss francs (578.22 million pound) off costs and cut 2,000 more jobs from its Global Markets division, bringing the total to 6,000 job losses announced by CEO Tidjane Thiam, who took over last year.
The cuts were part of the ongoing restructuring programme, and fall mostly in London, the source said speaking on condition of anonymity as the process is private.
The equities and fixed income businesses fall under the Global Markets division, which is expected to record a 40 to 45 percent drop in first-quarter revenues when the bank reports earnings on May 10.
Like its rivals, Credit Suisse has been hurt by tighter regulation, and volatile global markets that have reduced profitability of key investment banking business lines such as sales and trading.
Credit Suisse declined to comment.
(Reporting by Anjuli Davies; editing by Adrian Croft)
