Credit Suisse announces 75 job cuts in London
Financial giant Credit Suisse has announced 75 job losses centred upon the company's London operations as the economic downturn in the UK begins to impact upon the investment banking market. This comes only hours after Barclays Capital announced significant job cuts across the board in a move which many believe is the sector adjusting for what could be a turbulent next few years.
It would appear that many investment banking operations benefited from the turmoil and confusion caused by the credit crunch and the resulting economic downturn. However, whether this particular "honeymoon period" for the banking industry has now come to an end is open to debate but job cuts in this particular area do not bode well for the future. Many of the public will be confused as to why Job cuts are being instigated when these companies are putting aside enormous bonus payments for existing staff.
The truth is that the investment banking arena is competitive and has always been competitive. As a consequence companies are now being forced to cut their costs to the bone while looking to maintain the same market share and expand where possible. Whether this is the start of some serious bloodletting in the sector remains to be seen.
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