- June 17, 2021
- Posted by: Stratford Team
- Category: Business
A Swiss banking gossip website suggests Credit Suisse traders’ worst fears could come true: after years of major restructuring, the global markets business could be in for another round of big redundancies.
Inside Paradeplatz suggests this morning that incoming chairman Antonio Horta-Osorio is planning to break up the trading division, beginning in a few weeks’ time, ahead of the bank’s annual summer strategy meeting. It quotes a source, but it’s not clear how reliable the source is.
If the rumour is correct, it will be the second major shake-up to Credit Suisse’s sales and trading business since former CEO Tidjane Thiam made big cuts to the business in 2016 following losses on the distressed credit trading book.
Credit Suisse declined to comment on the cuts. Speaking at the bank’s AGM, Horta-Osorio said the bank would be taking the time for an in-depth assessment of the bank’s strategic options and would then, “decide on a course of action…
