Bloomberg News

Credit Suisse Plans to Eliminate 109 New York Jobs, Filing Shows

February 09, 2012

Jan. 31 (Bloomberg) -- Credit Suisse Group AG, Switzerland’s second-largest bank, told New York state regulators it plans to eliminate 109 jobs in Manhattan beginning in March.

The cuts were disclosed by the Zurich-based company in a filing dated yesterday with the state Department of Labor. The document cited economic reasons and listed Credit Suisse Securities (USA) LLC offices at One Madison Avenue and Eleven Madison Avenue. Dismissals will start March 8 and extend through May 1, according to the filing.

Victoria Harmon, a Credit Suisse spokeswoman, said the figures are part of dismissals the firm announced last year and declined to comment further.

Securities firms came under pressure as dealmaking and trading slowed on concern that Europe’s debt crisis may deepen. Standard & Poor’s said in a Jan. 27 statement that brokers and investment bankers “are likely to face a prolonged period of low profitability and possibly other financial pressures because of ongoing weakness” in global markets.

--Editors: Rick Green, David Scheer

To contact the reporter on this story: Rick Green in New York at rgreen18@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net -0- Jan/31/2012 22:16 GMT


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