Brady Dougan, the head of Credit Suisse's investment banking unit, is said to have sent staff a memo asking them keep an eye on costs, as 'managing our expenses is both a critical part of our strategy and our jobs. You can play your part by challenging all spending to ensure that it is necessary'.
The newspaper also says that staff are being encouraged to reduce the amount they spend to celebrate big deals, and to keep the lid on ordering office supplies and equipment. The use of headhunters is also said to have been restricted to Managing Director positions. Colour photocopying is said to have to been banned, except for client presentations.
If staff are now being asked to basically count paper clips, it's clear that the Swiss have won out against the Americans for the heart and soul of the investment bank.
Cost Controls, Fine - But THAT'S Ridiculous