Credit Suisse Is Cutting a Third of Debt Sales Positions
- Swiss lender is slimming down its ‘flow business’ globally
- Cuts are part of the restructuring of the investment bank
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Credit Suisse Group AG is cutting at least a third of its debt sales positions globally as part of a restructuring that will eliminate thousands of jobs and a new strategy that drastically downsizes its investment banking and trading business, according to two people familiar with the bank’s plans.
The Swiss lender is reducing headcount in its debt syndicate division, which prices bond deals, as it slims down its so-called flow business, the people said. One of the people said that the brunt of the cuts will be in Europe, where Credit Suisse has a strong franchise in managing corporate bond sales and leveraged finance.