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
03/27/201518:49:32Two Ex-Credit Suisse Bankers Avoid Jail Time in Tax-Evasion Case...
03/27/201513:15:10Two Ex-Credit Suisse Bankers Avoid Jail Time in Tax-Evasion Case
03/27/201508:00:00Credit Suisse Announces Coupon Payments on its Gold Shares Covered...
03/26/201511:06:18Is Blackstone Group About to Make a $1.5 Billion Deal?
03/24/201517:07:42Dollar Rebounds Against Euro -- 3rd Update
03/23/201520:08:25U.S. Firms Summon More of Their Foreign Profit Home
03/23/201508:58:24Bloomberg: Big changes mulled for China's securities industry
03/20/201504:44:12Credit Suisse Cuts CEO Brady Dougan's Pay -- Update
03/20/201503:23:44Credit Suisse Cuts CEO Brady Dougan's Pay
03/18/201506:31:53Wall Street Breakfast: Markets Await Fed Policy Decision
03/17/201508:38:13Credit Suisse settles Freeport McMoRan litigation for $16.25M
03/17/201500:31:36Tweet-Analysis Firm Dataminr Raises Funding
03/16/201517:26:57Credit Suisse to Pay $10 Million to Freeport-McMoRan to Settle...
03/16/201511:33:00The Credit Suisse Hedge Fund Index finished up 1.06% in February
03/11/201510:26:00February Sees Fundamental Factors Drive Commodity Markets Higher
03/11/201507:30:37New CEO merits a two-notch upgrade for Credit Suisse
03/10/201519:45:04For Thiam, No Shortage of Challenges at Credit Suisse
03/10/201518:09:12ADR Shares End Lower; Credit Suisse, Petrobras Shares Trade Actively
03/10/201517:48:34Goldman Sachs to Take Specialty Lender Public in 6 Million Share...
03/10/201513:58:50EUROPE MARKETS: European Stocks Slide As U.S. Rate-hike, Greece...

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad