Credit Suisse bank may cut 5,000 jobs – Swiss paperApril 15, 2012 - 18:15 AMT PanARMENIAN.Net - Swiss bank Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming first-quarter results, Reuters reported citing a Swiss newspaper. Citing an estimate from a member of senior management, the Sonntag newspaper said the bank could cut around 5,000 positions. The investment bank is "simply completely oversized", the person was quoted as saying. The bank is due to report first-quarter results on April 25. Credit Suisse ended 2011 with 20,900 investment bankers, 200 more than at the beginning of the year. Staff count at the whole bank was largely stable even after two rounds of cuts eliminated 7 percent of the bank's overall workforce, or 3,500 jobs. The Zurich-based bank has faced increased shareholder criticism about the size and the cost of its investment bank, raising pressure on Chief Executive Brady Dougan for cutbacks. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |