Cos EXPTUIs are paid more in Peesai than in China lah! LIE also dunno how to!
<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published December 5, 2008
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Credit Suisse axes 5,300 jobs
More than two-thirds will be in investment banking
By CONRAD TAN
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>
(SINGAPORE) Credit Suisse will slash 5,300 jobs or 11 per cent of its global work force by the middle of next year, the bank said yesterday as it warned of the worst quarterly performance since it started quarterly reporting in 2001.
Some 3,800 or more than two-thirds of the job cuts will be at its investment-banking arm, which has lost the group billions of dollars since the third quarter.
Kai Nargolwala, Credit Suisse Asia-Pacific chief executive, said that the rest of the cuts will fall 'across the board' on both senior and junior staff in all other parts of the group including private banking and asset management.
In Asia, more jobs will be lost in Singapore than Hong Kong, said Mr Nargolwala in response to BT's questions.
'That's not surprising when you consider that we have a Hong Kong headcount of about 2,000 people and we have a Singapore headcount of about 5,000.'
He declined to say how many of the bank's staff in Asia-Pacific would be fired. Those affected have not yet been told; most will be told this month, he said.
The bank had 50,300 staff worldwide at the end of September, including 21,300 in investment banking. Mr Nargolwala said that 'a significant proportion' of Credit Suisse's staff in Asia-Pacific work in investment banking, which makes up the majority of the bank's business in the region.
<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT><TABLE cellSpacing=0 cellPadding=4 width=300 align=right border=0><TBODY><TR><TD vAlign=top align=middle>
<!-- AdSpace --><IFRAME marginWidth=0 marginHeight=0 src="http://ads.asia1.com.sg/html.ng/site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250" frameBorder=0 width=300 scrolling=no height=250 bordercolor="#000000"><script language='JavaScript1.1' src='http://ads.asia1.com.sg/js.ng/Params.richmedia=yes&site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250'></script><noscript>
</noscript></IFRAME><!-- /AdSpace-->
</TD></TR></TBODY></TABLE>Still, 'in Asia generally, in most of the countries, we're talking about single-digit job cuts, mostly in the mid single-digits' in percentage terms, he said.
The cuts will also hit 1,400 'contractors' worldwide who provide services to Credit Suisse but are not part of its staff count. These are predominantly in IT services, said Mr Nargolwala. Credit Suisse employs a large number of such workers at its two main service centres in Asia - one in Singapore and the other in Pune, India.
Nearly half the staff cuts worldwide will be made by the end of this month, the bank said in presentation slides to investors at its headquarters in Zurich. The rest will be made in the first six months of next year.
Asked if further job cuts were likely, Mr Nargolwala did not rule them out, although he said that 'we've thought carefully about the business environment and what the requirements would be' in future before announcing the latest headcount reductions.
'We wouldn't want to give any kind of guarantee around that issue. Obviously we would not want to be coming out with cuts every few weeks,' he said.
Apart from sacking employees, the bank is also busy reducing costs in other areas such as travel and entertainment expenses for staff and deferring unnecessary investments, he added. 'We are taking a very draconian look across all our cost bases.'
Credit Suisse chairman Walter Kielholz, group CEO Brady Dougan and head of investment banking Paul Calello will give up their bonuses this year, the bank said.
Asked if staff in Asia would suffer bonus or salary reductions, Mr Nargolwala said that there were 'no plans at this point to take any overall salary cuts, but definitely the variable compensation will be reduced'.
In an update on its fourth-quarter performance, Credit Suisse said that it suffered an estimated net loss of three billion Swiss francs (S$3.8 billion) for the two months to end-November, due mainly to a 'significant' loss in investment banking. The group was 'modestly profitable' in November, it added.
The estimated loss does not include some 900 million francs in costs associated with the latest restructuring of the group, most of which will be charged against its earnings this quarter, it said. Based on the latest estimates, Credit Suisse is headed for its worst quarterly performance since it began publishing quarterly earnings at the start of 2001.
Private banking remained a bright spot for the group - it attracted 'good net new asset inflows' in October and November across all regions, including Asia-Pacific, said Mr Nargolwala.
Other banks, including Australia's Macquarie Group, are also shedding staff in a desperate bid to reduce costs in the face of mounting losses from soured investments and bad debts. Analysts warn that the financial services industry as a whole needs to shrink as traditional revenue streams slow to a trickle.
Nomura, Japan's biggest securities broking firm which bought parts of bankrupt US investment bank Lehman Brothers after it collapsed in mid-September, is firing as many as 1,000 staff in London, Reuters reported yesterday. And on Monday, JP Morgan said it would sack some 9,200 workers at Washington Mutual, the failed US bank that it bought in September.
</TD></TR></TBODY></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published December 5, 2008
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Credit Suisse axes 5,300 jobs
More than two-thirds will be in investment banking
By CONRAD TAN
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) Credit Suisse will slash 5,300 jobs or 11 per cent of its global work force by the middle of next year, the bank said yesterday as it warned of the worst quarterly performance since it started quarterly reporting in 2001.
Some 3,800 or more than two-thirds of the job cuts will be at its investment-banking arm, which has lost the group billions of dollars since the third quarter.
Kai Nargolwala, Credit Suisse Asia-Pacific chief executive, said that the rest of the cuts will fall 'across the board' on both senior and junior staff in all other parts of the group including private banking and asset management.
In Asia, more jobs will be lost in Singapore than Hong Kong, said Mr Nargolwala in response to BT's questions.
'That's not surprising when you consider that we have a Hong Kong headcount of about 2,000 people and we have a Singapore headcount of about 5,000.'
He declined to say how many of the bank's staff in Asia-Pacific would be fired. Those affected have not yet been told; most will be told this month, he said.
The bank had 50,300 staff worldwide at the end of September, including 21,300 in investment banking. Mr Nargolwala said that 'a significant proportion' of Credit Suisse's staff in Asia-Pacific work in investment banking, which makes up the majority of the bank's business in the region.
<SCRIPT language=javascript> <!-- // Check for Mac. var strAgent; var blnMac; strAgent = navigator.userAgent; strAgent.indexOf('Mac') > 0 ? blnMac = true:blnMac = false; if (blnMac == true) { document.write('
'); } //--> </SCRIPT><TABLE cellSpacing=0 cellPadding=4 width=300 align=right border=0><TBODY><TR><TD vAlign=top align=middle>
<!-- AdSpace --><IFRAME marginWidth=0 marginHeight=0 src="http://ads.asia1.com.sg/html.ng/site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250" frameBorder=0 width=300 scrolling=no height=250 bordercolor="#000000"><script language='JavaScript1.1' src='http://ads.asia1.com.sg/js.ng/Params.richmedia=yes&site=tbto&sec=btointhenews&cat1=bnews&cat2=btointhenewsart&size=300X250'></script><noscript>
The cuts will also hit 1,400 'contractors' worldwide who provide services to Credit Suisse but are not part of its staff count. These are predominantly in IT services, said Mr Nargolwala. Credit Suisse employs a large number of such workers at its two main service centres in Asia - one in Singapore and the other in Pune, India.
Nearly half the staff cuts worldwide will be made by the end of this month, the bank said in presentation slides to investors at its headquarters in Zurich. The rest will be made in the first six months of next year.
Asked if further job cuts were likely, Mr Nargolwala did not rule them out, although he said that 'we've thought carefully about the business environment and what the requirements would be' in future before announcing the latest headcount reductions.
'We wouldn't want to give any kind of guarantee around that issue. Obviously we would not want to be coming out with cuts every few weeks,' he said.
Apart from sacking employees, the bank is also busy reducing costs in other areas such as travel and entertainment expenses for staff and deferring unnecessary investments, he added. 'We are taking a very draconian look across all our cost bases.'
Credit Suisse chairman Walter Kielholz, group CEO Brady Dougan and head of investment banking Paul Calello will give up their bonuses this year, the bank said.
Asked if staff in Asia would suffer bonus or salary reductions, Mr Nargolwala said that there were 'no plans at this point to take any overall salary cuts, but definitely the variable compensation will be reduced'.
In an update on its fourth-quarter performance, Credit Suisse said that it suffered an estimated net loss of three billion Swiss francs (S$3.8 billion) for the two months to end-November, due mainly to a 'significant' loss in investment banking. The group was 'modestly profitable' in November, it added.
The estimated loss does not include some 900 million francs in costs associated with the latest restructuring of the group, most of which will be charged against its earnings this quarter, it said. Based on the latest estimates, Credit Suisse is headed for its worst quarterly performance since it began publishing quarterly earnings at the start of 2001.
Private banking remained a bright spot for the group - it attracted 'good net new asset inflows' in October and November across all regions, including Asia-Pacific, said Mr Nargolwala.
Other banks, including Australia's Macquarie Group, are also shedding staff in a desperate bid to reduce costs in the face of mounting losses from soured investments and bad debts. Analysts warn that the financial services industry as a whole needs to shrink as traditional revenue streams slow to a trickle.
Nomura, Japan's biggest securities broking firm which bought parts of bankrupt US investment bank Lehman Brothers after it collapsed in mid-September, is firing as many as 1,000 staff in London, Reuters reported yesterday. And on Monday, JP Morgan said it would sack some 9,200 workers at Washington Mutual, the failed US bank that it bought in September.
</TD></TR></TBODY></TABLE>
