Credit Suisse Cuts Another 500

by Derek Loosvelt | April 22, 2008

Two days before it releases its first quarter results, Credit Suisse announced another 500 job cuts in its investment banking unit, which currently has a staff of 20,600. The recent layoffs bring the firm's total number of cuts since the credit crisis began to 1,320.

Although this number pales in comparison to several other big Wall Street players' recent layoff announcements, analysts believe Credit Suisse's reductions are far from over.

A firm spokesman attributed the layoffs to "market conditions and projected staffing levels required to meet client needs." That is, clients' needs are not what they used to be.

According to Bloomberg, worldwide M&A deal volume announced so far this year has fallen 33 percent versus the same point last year. Meanwhile, global equity and equity-linked deals have decreased 36 percent, and worldwide high-yield bond sales have fallen 77 percent.

Filed Under: Finance


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