Credit Suisse Winds Down US Power, Emissions Trading Desks
The Zurich-based financial services company is "getting out of or de-emphasizing businesses that are capital- and risk-intensive," the person said. Credit Suisse will continue to manage existing power and emissions trading positions but won't make new trades, according to the source.
Credit Suisse declined to comment.
The company announced on Dec. 4 that it would cut 5,300 positions, or 11% of total staff, across all business units in response to the global economic downturn. Power and emissions traders were among the layoffs, the person said.
The size of the company's power and emissions trading operations before the layoffs wasn't clear. In the U.S., Credit Suisse has energy traders in New York and Houston.
The oil and natural gas trading desks weren't affected by the cutbacks, the source said.
-By Christine Buurma, Dow Jones Newswires; 201-938-2061; christine.buurma@dowjones.com
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Publié le 22 Décembre 2008 Copyright © 2008 Dowjones
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