Some Credit Suisse equities people have until July 31st
It's not just memos about the new leadership of the markets business that have been going out at Credit Suisse today. Sources at the bank in London say they've also been receiving information on their imminent departures.
The latest memos reportedly state that people at risk in areas like cash equities are in a consultation period and will be let go from July 31st. "Employee representatives are meeting with management," says one insider. Another confirmed that people were being informed today.
Credit Suisse declined to comment, but the revelations follow a memo last week which said that a consultation about proposed job reductions would begin. UK law says that consultations must take place 30 days before job cuts if 20 to 99 jobs are going, and 45 days before cuts if 100+ jobs are going.
Credit Suisse declined to comment on the cuts. One insider said everyone there is very quiet: "People are getting nervous."
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