Credit Suisse to cut London costs by £627 million, prepares to axe 1,800 staff

The banking industry in London continues to take a close look at the balance sheets, with Credit Suisse being the latest example. The London operations of Switzerland’s Credit Suisse is undergoing a cost reduction program which intends to reduce the firm’s coss by £627 million and will involve the potential redundancy of 1,800 staff following […]

London, Canary Wharf from Thames

The banking industry in London continues to take a close look at the balance sheets, with Credit Suisse being the latest example.

The London operations of Switzerland’s Credit Suisse is undergoing a cost reduction program which intends to reduce the firm’s coss by £627 million and will involve the potential redundancy of 1,800 staff following the announcement in October by the bank’s new CEO Tidjane Thiam that the company must cut its operating costs.

London’s institutional banking sector has been looking toward the Far East over recent months, and peers of Credit Suisse such as HSBC, Barclays, RBS and Standard Chartered have been concentrating their efforts on the Asia Pacific region.

All of these banks are instrumental in the handling of some of the largest market share of interbank FX, therefore the reductions in operational size plus focus on the Far East could mean that London’s future is in liquidity provision and institutional FX rather than the interbank sector.

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