January 04, 2022 11:30 AM UPDATED 20 HOURS AGO
Credit Suisse to lay off New York employees as it shuts hedge fund division
'''Credit Suisse is starting the year on a sour note, with the bank disclosing Monday that 69 New York staffers will be shown the door.
The pink slips are in a division that served hedge funds and which is being wound down after Archegos Capital Management collapsed last year, sticking the bank with a $5 billion loss. New management vowed to stop lending to hedge funds or processing their trades, a typically lucrative business dominated by Morgan Stanley, Goldman Sachs and JPMorgan.
Layoffs at Credit Suisse will begin March 6, according to a filing with the New York state Department of Labor, and the prime services division will close by August. The bank declined to comment.
moar fucking money moving shenanigans
Credit Suisse losses mark a failed revolution in the risk-management department
yeah, sure they do
https://www.crainsnewyork.com/finance/credit-suisse-lay-new-york-employees-it-shuts-hedge-fund-division