Credit Suisse Cuts 1,500 Positions in London, Scaling Down for Brexit

[kreslik.news]

Credit Suisse Group AG is cutting as many as 1,500 positions in London after the unit’s revenue slumped and warned that more staff could be moved to other locations in Europe as a result of Brexit.

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The additional job cuts come after Credit Suisse reported a $2.43 billion net loss for 2016, although it struck an optimistic tone for this year.

Before the recent cutbacks, Switzerland’s second-biggest bank employed 9,000 staff across the UK, and the latest round of reductions will take its London staff down to under 5,000. The ... (read more)