Credit Suisse is announcing bonuses tomorrow, cutting jobs today
Tomorrow is Credit Suisse bonus day. Today, the Swiss bank is making one more round of job cuts before awarding its greatly diminished payouts for 2022.
The cuts are expected to hit the remains of Credit Suisse's securitized products group (SPG).
Key Credit Suisse people, including Jay Kim - the former head of Credit Suisse's fixed income credit products business - are moving across to the new securitization business being formed by Apollo, which purchased elements of the SPG. Another 20 Credit Suisse securitized product traders are moving to Mizuho on generous bonuses. Many of the remainder are being cut today, while a rump will seemingly remain to run the business down.
Credit Suisse declined to comment on the cuts.
Sources say that Patrick Remmert, a Credit Suisse managing director in New York City who has been at the bank since 1996 is tasked with running the SPG down. Individuals expected to leave include George Tasolides, an MD in securitized product sales; Todd Macnamara and Andrew McLaughlin, directors in structured product sales; and Joe Cesare, an MD who joined in 2010.
Many are said to be pleased to let go. Credit Suisse is in the process of cutting 9,000 jobs before 2025. People who are let go by the bank don't have to repay cash bonuses, which are clawed back - plus income tax - from anyone who leaves voluntarily within a three-year period.
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