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Credit Suisse to cut 2,000 jobs

Published on .

New York--Credit Suisse First Boston plans to cut 2,000 jobs, or 7% of its work force. The firm, a leading b-to-b investment bank, said in a statement that the cuts would eliminate $1 billion in operating costs by the end of 2002. The cuts will come mostly in the firm's communications, consulting services, market data, corporate events and IT contracting businesses. The announcement came three months after Credit Suisse tapped Morgan Stanley Dean Witter & Co. veteran John Mack as CEO. Mack, a longtime financier, is known on Wall Street as "Mack the Knife" for his penchant for cutting jobs. Credit Suisse, like its rivals, has seen its revenue drop due to a lack of lucrative technology company mergers and acquisitions business.
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