CS Layoffs
Hearing things here and there, what's the insider take on layoffs at CS?
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Have heard they’ll announce layoffs early next month
Can anyone confirm?
Heard the same rumor of lay offs post lunar new year which is early next month. Sounds about right.
Heard internally next week but that is giving mgmt way too much credit for swiftness
Isn’t the whole bank chillin on severance in the Bahamas at this point?
https://streamable.com/hn134z
There were layoffs 1-2 months back within securitized products. He survived round 1, and left before round 2 was going to happen. It's a very messy time to be at CS. They're selling their SPG business to Apollo, and also letting people go from different groups at the bank, including SPG. No one is safe.
There were large layoffs in IB in November and December. Next round is likely right before bonus payouts.
https://www.bloomberg.com/news/articles/2023-01-11/credit-suisse-weighs…
Think CS might be done until for a while
Unless a credible source or you actually work here,
I wouldnt be so sure. I expect one before mid feb before the bonus numbers are communicated
There’s been layoffs every month since November. It’s a ridiculous work environment. It’s not a massive round of layoffs but when every other team is letting 1 person go every month you always feel you’re next
Rumor flying around Tuesday after MLK
Source?
Internal chatter - someone with higher title coming down the pyramid. From EMA
Check the FT article today. 10% of Europe IB next month
Updates?
Heard someone in TMT let go today but cant verify
Some in T or MT?
Will this influence the EMEA internships? I applied for the Off-Cycle internship in Capital Markets, made (and passed) the competence test but haven’t had an update in a few weeks.
Was this a one off event of layoffs in random groups today or is this part of another wave?
One off
Yeah agree. Heard SF ECM and couple jrs in Tech. Probably the bigger wave in Feb before bonus comp day. BOLD (but obvious) prediction is the week of jan 30 as FT article alluded
Bump
How do they select the people to let go? If you are “far exceeded expectations” and “exceeded expectations”, I’d have to assume you’ll be safe? Only the “meets expectations” are in limbo?
Who knows - FEE obviously will stay but even as EE, I am worried. Who’s to say all those who were let go in November and December wouldve received ME only?
Haven’t CS seniors been bouncing to every other bank?
Supposedly deep layoffs today in London (15%)
How about US offices?
In which teams?
I heard TMT. Supposedly that probably means more cuts in US soon
What’s the situation in London IBCM? Wondering how painful it got and in which teams.
Any APAC news such as Hong Kong?
Not sure about IB but I've heard juniors getting laid off in S&T
After such bad bonus, what's the reason to stay?
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