Credit Suisse, which only last month announced that it was cutting roughly 4,000 jobs worldwide, has revised its restructuring plan to include an additional 2,000 workers in the face of disappointing financial results.
Officials at the Swiss banking giant couldn’t immediately be reached for comment on how the new job cuts will impact the Swiss banking giant’s operations in Research Triangle Park. But they are concentrated on the global markets division, and Reuters reported they will take place mostly in London and New York.
The bank said that it expects its trading revenue in that division to fall 40 percent to 45 percent in the first quarter compared to a year ago.
When Credit Suisse announced its first round of restructuring in February, Credit Suisse it said that it expected to continue expanding its Triangle operations. At the time, the company had 1,500 employees.
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Last year the bank agreed to sublease 70,000 square feet of space in Morrisville to augment its RTP operation and said it expected to add in the neighborhood of 300 new employees locally in 2016.
About 2,800 of the bank’s planned 6,000 layoffs have already been implemented.
The bank now expects to generate $4.43 billion in savings by 2018. Originally, it expected to cut costs by $3.61 billion by 2018.
CEO Tidjane Thiam told analysts on a conference call that since the company announced its initial restructuring plan “the market environment has continued to deteriorate, adding further urgency to our restructuring efforts.”
More than half of Credit Suisse’s Triangle workforce is involved in technology, ranging from technical support to developing trading operations.