Bloomberg reports that Credit Suisse is considering combining its asset-management unit with the private and investment banking divisions, a person familiar with the matter said.
The Zurich-based bank hasn’t made a decision on the consolidation, said the person, who asked not to be identified because the deliberations are private.
Asset management, led by Robert Shafir, 54, is the smallest of Credit Suisse’s three divisions and contributed 12% to the group’s pretax profit in the first half. The bank agreed in 2008 to sell part of its traditional asset-management business, which oversaw about $80bn, to Aberdeen Asset Management.
In the meantime, Reuters reports that the move is 'a direct consequence' of Credit Suisse not being a major asset management firm, one of the sources within the asset management unit said.
It was not immediately clear how many jobs would be lost through the move, but a source within the asset management division assured Reuters: 'It's all about costs'.
And Bloomberg reports that Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said.
The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details.
Finally, Delawareonline reports that Bank of America has announced that it is closing the child care centers it provides for its employees around the country, including three centers in Delaware.
The company, in a letter sent late last week to employees, said it would close the centers operated by Bright Horizons in June 'in order to focus on programs that are broadly accessible to employees'.
Credit Suisse Said to Consider Merging Its Asset-Management Unit
Credit Suisse plans to dismantle asset-management unit - sources
Bank of America Said to Plan Reducing About 40 Jobs in Asia
Bank of America cuts more costs by closing its child care centers
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