Credit Suisse (USA) Inc.

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Credit Suisse to Cut 1,500 Jobs
Credit Suisse will lop off another 1,500 jobs, or 3% of its workforce, as it seeks to save 2 billion Swiss francs by the end of 2013, the bank said this morning in its third quarter earnings statement.

Credit Suisse (USA) Inc. Company Profile


Credit Suisse (USA) Inc. is one of the top investment banks in the U.S. The subsidiary of Swiss financial-services giant Credit Suisse Group was once known as Credit Suisse First Boston. The New York unit's products and services include securities underwriting, sales and trading, financial advisory services, alternative investments, full service brokerage, derivatives and risk management products, asset management and research.

Credit Suisse chief executive Brady Dougan, who had led the company's New York-based investment-banking unit, has sought to rein in its risk-seeking culture, which has clashed with the more-staid Swiss parent. In 2008, an "eat your own cooking" compensation plan took a significant portion of the annual bonus pool for investment bankers and switched it from stock to shares in a fund made up primarily of distressed assets such as soured mortgages and corporate bonds, according to The Wall Street Journal. The move was designed to show regulators it took the financial crisis seriously and it also helped move some of these assets off its own balance sheet, the paper reports. While the fund returned 79% in 2009, outperforming major stock indices, it could still take a turn for the worse before employees are paid, and they can't cash out of the shares for at least five years.



Credit Suisse offers training for students and new graduates, including analyst, associate, quantitative and diversity programs. Its "MBA Explorer" is a two-day outreach initiative for women entering business school. Its "Open Perspectives" program invites lesbian, gay, bisexual and transgender first-year M.B.A.s for a two-day Wall Street bootcamp, which includes an overview of departments from investment banking to private banking and discussion about what it's like to be gay on Wall Street.

Hockey fan? You'll fit in well at the New York office. During the 2009 Olympics, it invited employees to take the afternoon off to watch the U.S. vs. Switzerland hockey game in its auditorium.

Facts & Resources

Employees:   48,000
Stock Quote   CS
Company Site:
Career Site:   Careers


Subsidiaries & Divisions

  • Credit Suisse Securities (USA) LLC



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