Credit Suisse's new boss could axe 2,900 jobs: analysts

London

CREDIT Suisse's new boss Tidjane Thiam could cut almost 3,000 jobs from its investment bank, or 15 per cent of staff, as part of a shift of capital away from trading desks to private banking in Asia, analysts said.

Mr Thiam could cut 150 billion Swiss francs (S$206.5 billion) of assets from the bank's fixed income, commodities and currencies (FICC) business under a plan to focus more on private banking in Asia and less on investment banking, analysts at JPMorgan said.