Credit Suisse's strategy is good news for its 2,800 employees at Madison Avenue
Credit Suisse Securities employs around 2,800 people in New York City according to the Financial Industry Regulatory Authority (FINRA). While the bank's London headcount is being trimmed by 30%, most of these people at Madison Avenue have nothing to fear.
In today's presentations, Tidjane Thiam said London will suffer the bulk of the investment banking job cuts at Credit Suisse. Meanwhile, the American business has been given a boost as the investment bank's management is now wholly based in New York City.
As part of today's shakeup, Credit Suisse ditched Gael De Boissard, the former London-based co-head of its investment banking business. The investment bank is now run by Jim Amine and Timothy O'Hara, both of whom work out of Madison Avenue.
Although Credit Suisse plans to trim its macro business, the bank also said that the macro business that remains will be focused on the US. Its long term intention is to be a, "niche player with a focus on the Americas."