ADVFN - Advanced Financial Network.
HOME» NYSE » C » CS Stock Price » CS Stock News

Credit Suisse Grp. Share News

 Credit Suisse Grp. Stock Price
CS Stock Price
 Credit Suisse Grp. Stock Chart
CS Stock Chart
 Credit Suisse Grp. Stock News
CS Stock News
 Credit Suisse Grp. Company Information
CS Company Information
 Credit Suisse Grp. Stock Trades
CS Stock Trades

Credit Suisse to Cut up to 30% of Europe Investment-Bank Department Jobs -Sources

By Anita Greil and Dana Cimilluca ZURICH--Credit Suisse Group AG (CS, CSGN.VX) is moving ahead with its plan to cut more than 3,500 jobs as it is set to shed up to 30% of senior jobs at its European investment-banking department, people close to the bank said Monday. Last year, Switzerland's second-largest bank disclosed plans to cut as much as 7% of its workforce. At the end of March, the bank said 2,000 of these jobs had already been eliminated. The next business to feel the axe is the investment-banking department in Europe, where between 20% and 30% of jobs will be eliminated, the people said. This business includes activities such as advisory, mergers and acquisitions, as well as equity and debt-capital markets. It is a unit of the broader investment bank, which includes fixed income, currency and equity trading. The cuts come as Credit Suisse, like many of its rivals, is under pressure to reduce costs, as the industry never fully recovered from the 2008 financial crisis. Credit Suisse suffered a dismal second half in 2011, and earnings in the first quarter this year were lackluster. The second quarter promises to be no better, analysts said. The Zurich-based bank is also under pressure from shareholders to cut lavish pay for its bankers. More recently, Switzerland's central bank publicly urged Credit Suisse to shore up its capital base more quickly than planned to ensure it can withstand the effect on the banking sector should Europe's debt crisis intensify. After its Friday meeting last week, the bank's board took the unusual step of issuing a statement, saying it has full confidence in management's plans to strengthen capital and that it was confident with progress made toward meeting pending regulatory requirements. Write to Anita Greil at anita.greil@dowjones.com and Dana Cimilluca at dana.cimilluca@wsj.com.

Stock News for Credit Suisse Grp. (CS)
DateTimeHeadline
12/05/201603:30:00Shenzhen-Hong Kong Trading Link Gets Off to Slow Start
12/03/201603:02:00Broker Goes From Bonus to Bankruptcy -- WSJ
12/02/201612:07:00From Multiple Million-Dollar Brokerage Bonuses, to Bankruptcy
12/01/201611:17:00The AXA Cyber Security Conference: It’s All About the Data
11/30/201612:50:00Cash Crunch Looms Over India's Growth Spurt
11/28/201608:05:00BNY Mellon Selected as Successor Depositary by Credit Suisse...
11/24/201606:10:00China's Anbang Insurance Plans First International Bond Issue
11/24/201600:20:00Rio Tinto Underspends Already-Low Forecast
11/22/201618:00:00Brady Dougan Gets Back in the Game With $3 Billion Investment
11/22/201605:40:00Brexit Buffets Brits, Yen Boosts Japanese Among Ranks of Global...
11/21/201616:30:00Credit Suisse Announces Coupon Payment on its Credit Suisse X-Links...
11/18/201603:02:00J.P. Morgan Settles Asia Jobs Probe -- WSJ
11/17/201602:22:00Julius Baer Profitability Under Pressure Despite Rising Managed...
11/16/201616:49:00Credit Suisse AG Announces Its Intent To Delist And Suspend Further...
11/15/201607:00:00Chinese Startup Backed by Ant Financial Plans U.S. IPO
11/10/201607:50:00Bank Stocks in Europe Soar
11/10/201607:30:00Indonesia's Sinar Mas Plans Big Singapore IPO for Power Assets
11/09/201609:10:00Commodities Were Slightly Lower in October
11/08/201618:49:00Credit Suisse AG Announces Its Intent To Delist And Repurchase...
11/08/201603:02:00Credit Markets: Bondholders to Mozambique: Go Fish -- WSJ

Credit Suisse Grp. and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US