Speculation has been mounting for weeks that Credit Suisse, thought by many to be over-staffed in investment banking, is preparing for a cull of the workforce.
Now Reuters has reported that, according to its sources, the firm plans to cut up to one-third of senior employees in its European investment banking department, as a weak economy and tighter regulation continue to erode capital raising and advisory activities.
'In the European investment banking business, they are going to get rid of 60 directors and managing directors', one source said on Monday.
The layoffs are expected to commence in July.
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