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.
HSBC Holdings Plc, the U.K. bank that was among the first to disclose soured U.S. home loans seven months ago, said last week it will shut its Decision One subprime mortgage unit and eliminate 750 jobs. Lehman Brothers Holdings Inc., the biggest underwriter of U.S. mortgage bonds, fired more than 2,000 employees in the past six weeks after shutting a subprime unit and curtailing other parts of home-lending.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
