Credit Suisse cuts 500 bankers - LocalApple

PaullyInNYC · 04-22-2008, 09:24 PM

By Kira Bindrim

"Credit Suisse Group on Tuesday became the latest investment bank to shed staffers, saying it will cut 500 jobs in its investment banking and administrative support divisions to cope with lagging demand its services.

Zurich-based Credit Suisse, whose U.S. operations are located in Manhattan, declined to break the layoffs out by region, though a spokesperson confirmed that most will be in its New York office. "

This economy is getting tougher and tougher!

SwimCoach · 04-22-2008, 09:26 PM

Credit Suisse Cuts 500 to cope with losses!

PaullyInNYC · 04-22-2008, 09:32 PM

did you read the link?

all these investment bankers are losing their jobs! "

Citigroup Inc., which last week reported a $5.1 billion first-quarter loss, said it plans to eliminate an additional 9,000 jobs, while Merrill Lynch & Co., which posted its third consecutive quarterly loss last week, will cut another 3,000 employees."

Lets not forget about the whole Bear Stearns issue thats a whole lot of more people!

My question is why is this happening?

SwimCoach · 04-22-2008, 09:35 PM

well the economy sucks, the housing market is bad which means banks are suffering! Banks profit on interest when people take out loans and mortgages for their homes but with inflation on gas and everything else no one is willing to spend! Hence these bankers are losing jobs. Thats how i see it at least

04-22-2008, 09:24 PM	#1
PaullyInNYC Administrator Join Date: Mar 2006 Location: NYC Posts: 1,270	Credit Suisse cuts 500 bankers By Kira Bindrim "Credit Suisse Group on Tuesday became the latest investment bank to shed staffers, saying it will cut 500 jobs in its investment banking and administrative support divisions to cope with lagging demand its services. Zurich-based Credit Suisse, whose U.S. operations are located in Manhattan, declined to break the layoffs out by region, though a spokesperson confirmed that most will be in its New York office. " This economy is getting tougher and tougher!

04-22-2008, 09:26 PM	#2
SwimCoach Senior Member Join Date: Mar 2006 Posts: 275	Re: Credit Suisse cuts 500 bankers Credit Suisse Cuts 500 to cope with losses!

04-22-2008, 09:32 PM	#3
PaullyInNYC Administrator Join Date: Mar 2006 Location: NYC Posts: 1,270	Re: Credit Suisse cuts 500 bankers did you read the link? all these investment bankers are losing their jobs! " Citigroup Inc., which last week reported a $5.1 billion first-quarter loss, said it plans to eliminate an additional 9,000 jobs, while Merrill Lynch & Co., which posted its third consecutive quarterly loss last week, will cut another 3,000 employees." Lets not forget about the whole Bear Stearns issue thats a whole lot of more people! My question is why is this happening?

04-22-2008, 09:35 PM	#4
SwimCoach Senior Member Join Date: Mar 2006 Posts: 275	Re: Credit Suisse cuts 500 bankers well the economy sucks, the housing market is bad which means banks are suffering! Banks profit on interest when people take out loans and mortgages for their homes but with inflation on gas and everything else no one is willing to spend! Hence these bankers are losing jobs. Thats how i see it at least

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