UBS is set to begin slashing jobs at Credit Suisse.
Credit Suisse bankers, traders, and support staff in New York will be among those bearing the brunt of the cuts, Bloomberg says, in addition to those in London and some Asian locations.
"The investment banking business at Credit Suisse is in a lot of trouble," Oliver Rolfe, the founder of London-based recruiting firm Spartan International, said at the time.
"There is so much overlap" between Credit Suisse and UBS.
Credit Suisse had already been trimming its headcount before its troubles forced Swiss regulators to take action.
Persons:
Goldman Sachs, Morgan Stanley, Lazard, Oliver Rolfe
Organizations:
UBS, Credit Suisse, JPMorgan, Morning, Bloomberg, Jefferies, London, Spartan International, JPMorgan Chase, Citigroup
Locations:
York, Blackstone, New York, London, Swiss