We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Credit Suisse Plans to Expand in North Carolina to Cut Costs
Read MoreHide Full Article
After staging a turnaround with decent results last month following quarters of loss, Credit Suisse Group AG recently hit the headlines with its restructuring initiatives in North Carolina and Asia.
The company plans to employ about 1200 employees in its Raleigh branch, North Carolina. These new positions will be given to people from local areas along with some existing employees of the company working in its other U.S. branches.
Credit Suisse expects to incur lower property and staff expenses through this restructuring. The company plans to invest $70.5 million for this move, of which it is eligible for $40.2 million as total reimbursements through a government grant program.
Some of the other banks that relocated jobs to cheaper locations are Goldman Sachs Group, Inc. (GS - Free Report) , which increased jobs in Utah, and Morgan Stanley (MS - Free Report) , which created opportunities in Maryland.
On the flip side, Credit Suisse is cutting about 35 jobs from its business in Asian equities market, disclosed by a person familiar with the matter. The company’s last quarter’s results witnessed reduced equities trading revenues from the Asia-Pacific region due to a fall in client activity.
The layoffs in trading, sales, prime brokerage and research departments are expected to be completed by June. Also, according to the source, the company is planning to free capital from the equity market in order to invest it somewhere else.
Per the report issued in March by a research firm, Coalition, UBS Group AG (UBS - Free Report) tops the ranking in Asia-Pacific equities by revenues, followed by Morgan Stanley. Credit Suisse, Goldman Sachs and JPMorgan Chase & Co. (JPM - Free Report) share the third position.
Credit Suisse’s initiatives to manage expenses might help it in maintaining profits in the upcoming quarters. Further, the company’s focus on shifting business to areas with growth potential is encouraging.
Shares of the company have gained 10.7% over the last one year, underperforming the Zacks categorized Banks - Foreign industry’s growth of 23.6%.
Looking for Ideas with Even Greater Upside?
Today's investment ideas are short-term, directly based on our proven 1 to 3 month indicator. In addition, I invite you to consider our long-term opportunities. These rare trades look to start fast with strong Zacks Ranks, but carry through with double and triple-digit profit potential. Starting now, you can look inside our home run, value, and stocks under $10 portfolios, plus more.
Image: Bigstock
Credit Suisse Plans to Expand in North Carolina to Cut Costs
After staging a turnaround with decent results last month following quarters of loss, Credit Suisse Group AG recently hit the headlines with its restructuring initiatives in North Carolina and Asia.
The company plans to employ about 1200 employees in its Raleigh branch, North Carolina. These new positions will be given to people from local areas along with some existing employees of the company working in its other U.S. branches.
Credit Suisse expects to incur lower property and staff expenses through this restructuring. The company plans to invest $70.5 million for this move, of which it is eligible for $40.2 million as total reimbursements through a government grant program.
Some of the other banks that relocated jobs to cheaper locations are Goldman Sachs Group, Inc. (GS - Free Report) , which increased jobs in Utah, and Morgan Stanley (MS - Free Report) , which created opportunities in Maryland.
On the flip side, Credit Suisse is cutting about 35 jobs from its business in Asian equities market, disclosed by a person familiar with the matter. The company’s last quarter’s results witnessed reduced equities trading revenues from the Asia-Pacific region due to a fall in client activity.
The layoffs in trading, sales, prime brokerage and research departments are expected to be completed by June. Also, according to the source, the company is planning to free capital from the equity market in order to invest it somewhere else.
Per the report issued in March by a research firm, Coalition, UBS Group AG (UBS - Free Report) tops the ranking in Asia-Pacific equities by revenues, followed by Morgan Stanley. Credit Suisse, Goldman Sachs and JPMorgan Chase & Co. (JPM - Free Report) share the third position.
Credit Suisse’s initiatives to manage expenses might help it in maintaining profits in the upcoming quarters. Further, the company’s focus on shifting business to areas with growth potential is encouraging.
Shares of the company have gained 10.7% over the last one year, underperforming the Zacks categorized Banks - Foreign industry’s growth of 23.6%.
Looking for Ideas with Even Greater Upside?
Today's investment ideas are short-term, directly based on our proven 1 to 3 month indicator. In addition, I invite you to consider our long-term opportunities. These rare trades look to start fast with strong Zacks Ranks, but carry through with double and triple-digit profit potential. Starting now, you can look inside our home run, value, and stocks under $10 portfolios, plus more.
Click here for a peek at this private information >>