Credit Suisse Plans to Eliminate 109 Jobs in New York Site
The cuts were disclosed by the Zurich-based company in a filing dated yesterday with the state Department of Labor. The document cited economic reasons and listed Credit Suisse Securities (USA) LLC offices at 1 Madison Avenue and 11 Madison Avenue. Dismissals will start March 8 and extend through May 1, according to the filing.
Victoria Harmon, a Credit Suisse spokeswoman, said the figures are part of dismissals announced last year and declined to comment further. The bank said in November it would eliminate 1,500 jobs in addition to the 2,000 cuts announced in July as profit declined.
Securities firms came under pressure as dealmaking and trading slowed on concern that Europe’s debt crisis may deepen. Standard & Poor’s said in a Jan. 27 statement that brokers and investment bankers “are likely to face a prolonged period of low profitability and possibly other financial pressures because of ongoing weakness” in global markets.
The New York State Workers Adjustment and Retraining Notification Act, or WARN Act, requires private employers with 50 or more people in New York state to provide 90 days’ notice of a plant closing, mass layoff, relocation or reduction in work hours.
Credit Suisse may cut its 2011 bonus pool by 25 percent as its securities unit reports a loss for a second consecutive quarter, Morgan Stanley analysts estimated in a research note today, saying they expect 2011 profit to drop by almost half to 2.64 billion Swiss francs ($2.87 billion).
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