(Adds details of Credit Suisse cuts)
By Gareth Gore
LONDON, Feb 22 (IFR) - Credit Suisse and Deutsche Bank began making job cuts within their global markets divisions on Monday.
Deutsche is to cut around 75 jobs within its global markets division in London and New York, according to one person with knowledge of the information.
Credit Suisse is making in total around 200 redundancies in London this week, of which just under half will be in its global markets division, according to a source. Among the more high profile names put at risk is Greg Arkus, head of sovereign, supranational and agency debt capital markets and syndicate. The process starts today and will continue throughout the week.
Deutsche’s cuts will fall predominantly within the bank’s fixed income and currencies sales and trading business, the source said. Staff are being notified today, the source said.
“We are restructuring our FIC business to make it more suited to future market demand,” a spokesperson for Deutsche said in a statement.
The latest round of cuts come after a series of previous restructuring programmes at the German bank over the last few years. The latest cuts affect less than 2% of the sales and trading workforce.
Credit Suisse unveiled a round of 100 redundancies last autumn, when it also said it was pulling out of sovereign bond primary dealerships in Europe. Since then the bank has continued to prune sales and trading roles of macro products within global markets.
In the fourth quarter global markets reported an adjusted SFr658m loss after revenues slumped 37% year-on-year to SFr1.13bn, hurt by a 61% drop in fixed income revenues. (Reporting by Gareth Gore, Alex Chambers; Editing by Christopher Spink)