Wednesday's Headlines: Credit Suisse to Cut 600 Job
Credit Suisse plans to cut 600 positions in its investment banking business, following a quarter of weak trading revenue, according to the Dow Jones newswire.
The Swiss bank has begun a consultation process to help it determine the extent of job cuts in the UK, where 100 jobs are on the block. Speculation about lay-offs at the firm have circulated recently, and 600 would be on the high end of numbers cited by previous reports.
"We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions. This involves... adjusting capacity to meet client needs and to manage costs across the business," a spokesman for Credit Suisse told Dow Jones.
Bank of America agrees to record $8.5 billion settlement over bad Countrywide mortgages. [BusinessWeek]
Morgan Stanley Smith Barney retail brokerage may be renamed as early as next year. [MarketWatch]
RBC Bank takeover by PNC will cause job losses, poll says. [Biz Journals]
Morgan Stanley beats Goldman Sachs by snagging underwriting lead on Zynga IPO. [New York Post]
Bank of America agrees to keep a sixth of its office lease at World Financial Center. [Bloomberg]
Regulators set to make rules for swap dealer interactions with customers. [Reuters]
Oaktree Capital management to invest $175.5 million in Puerto Rico's First BancCorp. [Reuters]
Investors may be hurt if Wall Street is left to police itself. [Bloomberg]
Commercial lenders dipping into riskier deals again. [New York Times]