Credit Suisse said today that it will cut approximately 150 jobs in its mortgage-backed securities unit amid continued weakness in the subprime mortgage sector. Via Bloomberg:
Credit Suisse Group will cut about 150 jobs, the latest global securities firm to reduce staff in response to the fallout from rising defaults in the U.S. subprime mortgage market. Switzerland's second-largest bank will reduce the headcount almost entirely from its mortgage-backed securities unit, said Bruce Corwin, a New York-based spokesman. The firm has 44,871 employees worldwide, according to data compiled by Bloomberg. "In line with the current environment and outlook, we've made targeted reductions, primarily in mortgage-backed securities businesses," he said by telephone today. Zurich-based Credit Suisse isn't closing any of its units, he said.