LONDON â€" Credit Suisse is eliminating 100 jobs at its investment banking operation in Britain as part of a cost-cutting program, according to a person with direct knowledge of the plan.
The job cuts affect Credit Suisse's equities and fixed-income divisions, said the person, who declined to be identified because the plan was not public. The step is part of the bank's continuing $4.3 billion cost-reduction program.
Separately, Luigi de Vecchi, who in March went on sabbatical as co-head of global investment banking at Credit Suisse, has now left the bank, the person said. Mr. de Vecchi was supposed to return to the bank in an “important senior client coverage role†after the sabbatical, according to an internal memorandum at the time.
Credit Suisse announced changes to its management team last week, merging asset management into its wealth management operation and naming a co-head of its investment banking unit.
