May 15, 2012 / 11:44 PM / 7 years ago

Credit Suisse slates more New York layoffs

A logo is seen in front of a Credit Suisse building in Zurich, May 4, 2012. REUTERS/Christian Hartmann

(Reuters) - Credit Suisse Group CSGN.VX plans to fire 126 employees in the New York area, according to a notification the bank sent to New York State’s Department of Labor on Tuesday.

The layoffs, which will extend through August 6, follow the elimination of jobs of 109 people in New York earlier this year.

The filing did not disclose the level of seniority nor the business areas in which the layoffs at its Credit Suisse Securities (USA) unit will occur. A bank spokesman in New York declined to comment.

The trimming is part of a plan announced last year by Switzerland’s second largest bank company to cut about 3,500 jobs worldwide and eliminate $2.1 billion of annual costs by the end of 2013. The cuts are expected to cut across the bank’s three major divisions of private banking, asset management and investment banking.

Credit Suisse employed about 11,700 in the United States, Canada and other parts of the Americas as of year-end 2011.

Like other investment banks, Credit Suisse has been trimming jobs and businesses in the face of higher regulatory capital requirements, depressed interest-related profits and reduced risk-taking.

In its recently issued annual report, the company said it has completed the closing of its commercial mortgage-backed securities origination businesses, accelerated its plan to reduce assets that require heavy capital support and begun reallocating resources to fast-growing markets such as Brazil, Southeast Asia, China and Russia.

Reporting by Jed Horowitz; Editing by Phil Berlowitz

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