Hundreds of traders at Credit Suisse will today become the first staff at the Swiss bank to lose their jobs as part of a redundancy programme that will cut the London workforce by a third. About 200 front office employees will be laid off during a three-day cull as Credit Suisse sheds 2,000 of its 6,600 London-based employees to slash costs after a slowdown in the fixed-income and currency trading businesses. Bond and foreign exchange traders will be hit hardest. Their businesses have suffered a plunge in orders as investors have stopped reduced buying and selling holdings in chaotic markets. Credit Suisse said last month it would no longer make markets in government debt, including gilts, as investment banks have struggled to generate sufficient profits
Reports suggest that a third of traders at Credit Suisse will three-day lose their jobs, as the bank looks to cut its workforce in London by 2,000 as part of its new restructuring plans; the bank is looking to shed 2,000 of its London -based employees to cut costs after a slowdown in the fixed-income and currency trading businesses.