Credit Suisse bankers are being cut in time for Christmas
Holiday season is in full flow, and some Credit Suisse bankers and traders will have ample time for cooking turkeys and decking their halls. With weeks to go until the festivities, a new round of people are parting company with the Swiss bank.
Credit Suisse declined to comment on the departures, which include former managing directors everywhere from the UK to the US and Singapore. Individuals affected in the UK said they were informed they'd be losing their jobs in November and that this is simply the end of their notice period. "I imagine we're the last round being cut before Christmas. It's a question of tidying up the shop for the New Year," said one.
The latest senior Credit Suisse departures include: Benjanim Tan, the head of managed solutions in the APAC market; Rob Varesio, the former chief economist and chief investment officer for the Americas; Simon Booth, the chief auditor for risk; and Andrew Burton, the London head of global DCMS structuring. Various more junior people have lost their jobs too.
UBS said in August that it expects to cut 40,000 people from the combined Credit Suisse and UBS workforce and that this will involve difficult decisions. The bank has not set a target for the ratio of UBS to Credit Suisse staff it expects in the long term. Various Credit Suisse staff are still being embraced by their new owner.
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