Swiss credit (CSGN 9.26 -0.15%) cuts sixty-nine jobs in New York City. This emerges from documents that the big bank has submitted to the labor department of the state of New York. The Bloomberg news agency reported about it first.
The job cuts at the big bank, which is due to take place on March 6, will take place as part of the cutback of its unit called Prime Services. According to the documents, this should be closed on August 1st.
In Prime Services, Credit Suisse previously served major customers in equities trading. Here the big bank fell for Bill Hwang and his hedge fund Archegos last year. The debacle caused the bank historical losses of over CHF 5 billion.
Afterwards, the new Chairman of the Board of Directors of CS, António Horta-Osório, vowed to clean up and bring the responsibility and risk culture into shape. Among other things, the bank announced the closure of the Prime Services business last November.
But Horta-Osório himself has been criticized for multiple violations of quarantine obligations, which makes it questionable whether he will be able to put the bank on a solid foundation again.
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