Credit Suisse is cutting trading jobs

CEO Tidjane Thiam of Swiss bank Credit Suisse addresses a media briefing in Zurich, Switzerland in this October 21, 2015 file photo. REUTERS/Arnd Wiegmann/Files

(Thomson Reuters)
Credit Suisse CEO Tidjane Thiam at a media briefing in Zurich.

Credit Suisse is cutting jobs in London, according to people familiar with the matter.

The bank is putting about 130 people at risk of redundancy in the global markets business in the UK capital, according to the people.

The cuts started Tuesday and are continuing into Wednesday. Of the 130, about 80 are in fixed income, with the other 50 in equities, the people said.

After reporting weak results, Credit Suisse previously announced that it would accelerate cuts to the investment bank.

The bank said late Tuesday that it had sold some of its distressed-credit portfolio to TSSP for about $1.27 billion.

The bank said Bob Franz, head of US credit trading, and Ken Hoffman, head of distressed research and trading, would leave to form a new asset management to assist in servicing the assets.

The bank will report results on Tuesday, giving an update on its distressed-credit exposure then. That business has been a thorn in the side of new CEO Tidjane Thiam, who said traders had racked up positions without telling anyone.

The Wall Street Journal subsequently reported that there were disagreements within Credit Suisse over how those positions had been managed and who was to blame.

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