Swiss bank Credit Suisse is reportedly planning to cut jobs at the Europe, Middle East and Africa equities business.
According to a Bloomberg report, the bank sent an e-mail last week to its staff in the region informing them of the start of consultations that may include cutbacks,
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Quoting two unidentified sources, the publication reported that the process will start in coming weeks.
The move is part of Credit Suisse’ previously strategy to reduce cost by CHF4.4 billion (US$4.8 billion) by the end of 2015.
Other investment banks such as Barclays, UniCredit and Nomura have already cut their equities businesses amid a decline in trading volumes and profitability.
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