Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Credit Suisse to Cut 600 Jobs

Posted: June 30th, 2011 | Author: | Filed under: By Location, USA | Tags: | No Comments »

Credit Suisse plans to cut about 600 jobs across its global investment banking operation because demand for its products and services has dropped, said a person with direct knowledge of the scheduled layoffs.

It is the latest financial firm to announce cutbacks amid a lackluster market and weak earnings on Wall Street. Goldman Sachs and Bank of America are planning to reduce their headcounts. Barclays Capital, the securities unit of the British bank Barclays, recently eliminated 600 jobs. Morgan Stanley has started layoffs as well.

From: Dealbook

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