A source at Credit Suisse Group AG (NYSE:CS) says the bank will cut 100 more jobs at its U.K. investment operation. DealBook cites an anonymous source who did not want to be identified because the plan hasn’t yet been made public. Those cuts will affect the bank’s fixed income and equities divisions, and they are in addition to previous cuts announced as part of Credit Suisse’s cost-cutting program that’s aimed at slashing $4.3 billion in costs by 2015. This latest round of job cuts is expected to take place within the next three months.
In October, Credit Suisse Group AG (NYSE:CS) announced that it would cut 1,000 to 2,000 jobs. Officials at the bank are not commenting on the job cuts. According to market analysts, Credit Suisse is trying to keep up with an economic and regulatory environment that’s tougher than it was last year. The bank has already increased its cost-cutting targets two times this year.
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More Management Shake-Ups At Credit Suisse
DealBook also reports today that that Luigi de Vecchi, one of the global investment co-heads at the bank, has left his post at the bank after leaving for a sabbatical in March. The bank also announced other changes to its management last week, including a merger with its asset management unit and its wealth management unit.
Credit Suisse Seeks $108 Million In Rate Swaps
Meanwhile a recent claim filed by Credit Suisse Bank and obtained by Bloomberg News today is also seeking approximately $108 million from Stichting Vestia Groep. The claim comes after Vestia did not provide more security by its deadline to do so. It relates to a recent agreement Vestia had to unwind derivative contracts after it almost collapsed when the interest rates fell drastically. Vestia reportedly made a deal with nine banks that were affected by the derivative contracts, but Credit Suisse Group AG (NYSE:CS) did not accept the settlement offer.