Credit Suisse Set to Trim over 10% of European Investment Bankers

Reportedly, the Swiss lender Credit Suisse is accelerating its cull plan, looking to shed more than 10 % of its European investment bankers this year.

According to sources familiar with the matter, the final decision of the new round of lay-off is expected to be made next month.

This move follows the bank cutting hundreds of workforce in London and Zurich last month. In November, it has laid off about one-third​ of its China-based investment banking team and nearly half of its research department, as part of a global restructuring and as its China business slows.

Credit Suisse has announced its job cuts plan for the next three years in October. Among its 52, 000 headcounts around the globe, as many as 9,000 would be affected. Currently, the bank employs approximately 17,000 investment bankers worldwide, with its main centers in New York and London.

Last week, Goldman Sachs began laying off staff in a sweeping cost-cutting drive​, with around a third of those affected coming from the investment banking and global markets division.