According to the Wall Street Journal, the Swiss financial services group Credit Suisse is likely to drop 1,000 jobs this month after they release their Q3 earnings today.
Earlier this year, the financial group announced that they had to cut 2,000 jobs due to poor earnings. WestLB analyst Georg Kanders was quoted saying, “Credit Suisse had very weak origination figures both on debt and equities (in Q3). Debt issuance volumes fell 50% and equity issuance volumes by two-thirds against already weak second-quarter numbers.”
At the same time, investment bank FBR is set to cut 100 jobs from the 420 that it currently has. Fox Business’s Charlie Gasparino reported that the middle market investment bank posted a $26.1 million loss in quarter three.
SOURCE: Wall Street Journal