More Job Losses For The Gnomes of Madison Park

Posted by John Carney, Oct 03, 2007, 3:35pm

layoffsatbearstearns.jpgSo last week we broke the story of layoffs at Credit Suisse. At the time we were hearing that as many as 400 people were going to be laid off. When Credit Suisse finally formally announced the job cuts the next day, they claimed they were only cutting 150 positions.

So it seemed like the initial information we had from insiders at Credit Suisse overstated the depth of the cuts. Until today.

Today the gnomes of Madison Park said that they are cutting an additional 170 fixed income positions.

Total job losses at Credit Suisse so far: 320. Just 80 more and our first report will be proven correct!

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Posted in: Credit Suisse, Layoffs

Comments

Posted by , Oct 03, 2007 3:51PM

Things are ugly at MER today.
Several high profile departures (head of FICC, co head of US FICC and a member of senior management)

Posted by , Oct 03, 2007 3:51PM

310 more cut at bear.

600 at morgan stanley.

2 higher ups at merrill.

not a good day at all.

Posted by , Oct 03, 2007 3:54PM

Caveat: One of them had been out of his role for a while, and just advising the firm during a transition period.

Posted by , Oct 03, 2007 3:58PM

I'm hearing the Cilantro has fired its CEO.

Posted by IA, Oct 03, 2007 4:09PM

If Cilantro goes down, what hope do the rest of us have??

Posted by ceoandpresident, Oct 04, 2007 9:15AM

@ IA --- so funny!

Posted by Anonymous, Oct 04, 2007 8:51PM

There will be some moves across the Street for pure PR purposes. After Q32007 earnings across all industry, the coast is clear and mgt will focus on 2008, which is predicted to be a banner year. Economy is too strong, and too technical to be dragged by the credit market. 2008 - - Go Long & Be Bullish.

In the meantime, hold on tight and buckle up kids.

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