Wall Street keeps shrinking.
Credit Suisse will begin laying off employees in New York the second week of March, according to a company filing with the New York State Department of Labor and an item on the website Dealbreaker on Friday.
The layoffs are expected to continue until May 1st, according to Credit Suisse’s filing, and affect 109 employees in New York. According to the Worker Adjustment and Retraining Notification Act, employers must give 60 days' notice if they plan to lay off 100 workers at a single site. Credit Suisse's WARN act filing lists the reason for the layoffs as “economic.”
According to The New York Times, the downsizing is part of Credit Suisse’s effort to cut costs by around $2.1 billion. Though Credit Suisse declined to comment on the layoffs, a spokesperson for the bank told The Huffington Post that the job cuts in New York are part of an effort, initially disclosed at the end of last year, to shed a total of 3,500 employees globally.
The fresh layoffs at Credit Suisse -– which is Switzerland’s second-largest investment bank behind UBS -- comes amid a broader contraction among Wall Street banks, as top dealmakers at Goldman Sachs begin to make an exit, and as other financial institutions shrink departments (such as proprietary trading) that brought in considerable amounts of money during the boom years.