CSFB to axe 200 jobs in US
The investment arm of the Credit Suisse group, Credit Suisse First Boston, is preparing to cut the jobs of up to 200 United States investment bankers, according to a report in Friday's Financial Times newspaper. This would represent about 13 per cent of the total.
The report said that the cuts were expected to affect bankers across the US, including some working for Frank Quattrone, head of CSFB’s technology group in northern California.
They would mark the third round of job losses at CSFB in less than a year. The bank has declined to comment.
CSFB has some 28,000 employees, including about 2,500 investment bankers.
After last year’s acquisition of Donaldson, Lufkin and Jenrette, the combined company cut about 10 per cent of jobs – some 2,700.
CSFB made another 300 job cuts earlier this year, mostly in support and administrative staff.
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