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Credit Suisse Plans to Dismiss 120 in New York City

Credit Suisse CEO Brady Dougan
Brady Dougan, chief executive officer of Credit Suisse Group AG. Photographer: Gianluca Colla/Bloomberg

Dec. 11 (Bloomberg) -- Credit Suisse Group AG, the second-largest Swiss lender, plans to eliminate 120 jobs in New York City as Chief Executive Officer Brady Dougan pursues plans to reduce expenses.

The cuts will take place between Dec. 30 and March 4 at the company’s Madison Avenue offices in Manhattan, the Zurich-based bank said in a notice dated yesterday with the state Department of Labor. The dismissals are part of previously announced cost reductions, according to Jack Grone, a spokesman for the bank. He declined to elaborate on the filing.

Dougan is among Wall Street chiefs who are trimming staff to pare costs amid an industrywide slump, leading to the loss of more than 300,000 jobs in the past two years. Credit Suisse last month shook up its investment-banking unit to speed the process, merging asset management with the private bank. The firm decided last year to scale back the unit and said it would eliminate 3,500 positions.

Credit Suisse said in October that it will trim an additional 1 billion francs ($1.1 billion) in annual costs by the end of 2015, adding to a 1 billion-franc savings program from July and a 2 billion-franc expense reduction achieved since last year.

The lender disclosed to the state in May that it was cutting 126 jobs at the same office complex. The New York State Workers Adjustment and Retraining Notification Act, known as the WARN Act, requires private employers with at least 50 personnel in the state to provide 90 days’ notice of a plant closing, mass firing, relocation or reduction in work hours.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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