Morning Coffee Apr 26 2012

No More Additional Cuts at Credit Suisse (For Now)

By julie steinberg

Credit Suisse is in the clear for now when it comes to job cuts, but you may want to reconsider the business you try to join there.

Discussing first-quarter earnings yesterday, Chief Executive Brady Dougan said the firm will continue its plans to reduce costs by up to $2 billion in Swiss francs and cut 7% of headcount, about 3,500 positions.

The firm has been "executing extremely well on that," he said in an interview with Bloomberg, but has no plans for additional headcount reductions beyond the plans for 3,500 cuts disclosed last November.

Last quarter, headcount in the investment bank decreased by only 200 positions to 20,700. Compare that to the decline in private banking, which lost 800 jobs for a total of 24,400. Asset management stayed steady from the fourth quarter of 2011 with 2,700 employees.

That means 1,000 jobs have disappeared in the first quarter. While it's unclear how many were redundancies and how many were voluntary departures, the bank still has a ways to go with its cost-cutting plans. Still, it may be a relief to employees there and jobseekers alike that there aren't any big new plans in the works.

FINS reported last October that layoffs at the Swiss private banks would be widespread due to the rising Swiss franc and high salaries. It looks as though that particular trend hasn't yet disappeared.

Back and Forth (Reuters)

Tit for tat is taking on a whole new meaning in the arena of the BofA Merrill Lynch-UBS poaching war. The latest defect is UBSer Alex Wilmot-Sitwell, who will be sitting well indeed at BofA with his new gig as president of Europe and emerging markets, excluding Asia.

Standing Tall (FBN)

Lloyd Blankfein is beginning a new media tour as part of a strategy to endear Goldman to the public. He's in a good position, insiders say. Without him, there would be an all-out civil war among vying trader and banker factions.

Broker Wars (Reuters)

RBC Wealth Management has come in for quite the kill. It bagged four veteran Morgan Stanley Smith Barney brokers in one fell swoop, part of the 13 it's poached from the firm since January.

Sunshine State (MarketWatch via PRNewswire)

Allstate Insurance will add more than 40 financial specialists during the rest of the year in Florida. The firm will hire in Jacksonville, Orlando and Miami, among other cities.

Top of the List (DiversityInc)

Accounting firms are ahead of the game when it comes to minority recruitment. Three of the Big Four landed in the top 10 firms noted for their diversity in the workplace on a new list.

Office Politics (Globe and Mail)

When dealing with bossy colleagues who want you to do (or not do) certain assignments, try laying on the flattery before resorting to a formal complaint.

Buzz Around the Office

Pencil Drawings or Photos? (FlavorWire)

Glaswegian artist Paul Cadden describes his work not so much as photorealism, but hyperrealism.

List of the Day: Readying Yourself for Perks

Some companies may have a little extra cash to throw at top performers to keep them from leaving. Here's how to get it.

1. Ask for training and development to show you're committed to your role.

2. Sit down with your boss to discuss your career goals.

3. Step up your performance even more.


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