Credit Suisse just sent this memo to all UK staff about layoffs
It may be a public holiday in America, but it's just another day in London, which explains why Credit Suisse thought July 4th an opportune time to inform its UK staff that their jobs may be at risk.
Sources at the bank say a memo went out this morning stating that a consultation with employees about proposed job reductions will begin in the coming weeks.
Seen by eFinancialCareers, the memo states that the following divisions will be impacted: the investment bank, the chief financial officer of the capital release unit (CRU), the chief risk officer, the chief technology and operations officer (CTOO) and the global chief operating officer (COO).
It's not clear whether the holders of those titles will be going, or their staff, or both.
Credit Suisse declined to comment. Cuts to the capital release unit are unexpected, given that Credit Suisse has been busy bulking up that unit with people from Deutsche Bank.
The memo states that employee consultation meetings are coming soon. Insiders say the meeting for the markets division is expected before July 11th. Consultation meetings will explain how and why individuals who are being let go have been selected.
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