Credit Suisse Group is considering a plan to layoff over 10% of its investment bankers across Europe this year, The Financial Times has reported citing people privy to the development.
Last month, the Swiss bank cut around hundreds of jobs at its branches in London and Zurich, added the publication.
Go deeper with GlobalData
The job cuts included the firing of 2,700 individuals worldwide, with 540 in Switzerland and around 200 in London.
The bank has a workforce of over 5,000 people in London and 16,000 in Switzerland.
It has already initiated discussions over the next round of layoffs that will include the reduction of its headcount at European investment banking business by over 10%, told the unnamed people.
Credit Suisse could announce a final decision next month.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt has nearly 17,000 investment bankers across the globe, with its key hubs in New York and London.
In October last year, the embattled bank announced a plan to reduce its workforce by at least 9,000 people by the end of 2025.
These plans have intensified recently amid a forecast made by Credit Suisse that it could see CHF1.5bn ($1.6bn) loss in the fourth quarter of this year.
The bank is reeling under more pressure than its counterparts, who have also announced job cuts, after it saw massive withdrawals from clients amid rumours regarding its financial wellbeing. Earlier this month, Reuters reported that Credit Suisse had restructured its investment banking division following the departure of the co-head of its European investment banking arm.
