New York-based Credit Suisse Securities (USA), operating as an investment banking company offering strategic financial consulting,, wealth and asset management, capital raising, and private banking services., has announced the layoffs of employees located in its New York office.
According to a bank spokesperson, the decision was driven by the $5.5 billion in losses from the collapse of Archegos Capital Management.
The first permanent layoff of 69 employees will occur on March 6, 2022.
Additional layoffs associated with the closure of the company's U.S. prime services division, its prime brokerage businesses which it acts as a large lender to trading firms like Archegos, are scheduled for August 1, 2022.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?