Bloomberg News

Credit Suisse to Cut 138 Workers at New York Site by October

July 18, 2012

Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, told New York state regulators it will eliminate 138 jobs in Manhattan starting next month.

The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will occur Aug. 7 through Oct. 14, the bank wrote today in a Department of Labor filing. The firm said last year it would cut 3,500 jobs as part of effort to reduce costs in operations including its investment bank. In May, it filed paperwork to cut 126 jobs through Aug. 6 at the same New York location.

Financial companies, mainly in Western Europe and the U.S., disclosed plans last year to eliminate more than 200,000 positions as they adapt to capital requirements and prolonged economic weakness. Jack Grone, a spokesman for Zurich-based Credit Suisse, declined to comment beyond the filing.

The lender, led by Chief Executive Officer Brady Dougan, said today it’s seeking to cut an additional 1 billion francs ($1.02 billion) in costs by the end of 2013 as the firm increases capital. It aims to cut costs by 550 million francs at the investment bank and by about 450 million francs at the private bank. Dougan declined to provide details on whether new cost-cutting measures would result in job losses.

To contact the reporter on this story: Laura J. Keller in New York at lkeller12@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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