Credit Suisse To Downsize IB Unit By 600

Credit Suisse is planning to lay off around 600 employees at its investment banking unit in the U.S. and the U.K., The Wall Street Journal reports. The Zurich-based bank will make the terminations in the second quarter of this year, due to weak trading activities.

The lender has launched a consultation process for the job cuts. About 100 employees if the U.K. will be leaving, while several jobs in the U.S. and Switzerland are also scheduled to be affected.

Click here for the story from The Wall Street Journal.