Credit Suisse is in the process of cutting as many as 130 jobs in its global markets business in London. Of the 130, around 80 are in fixed income, with the other 50 in equities. Credit Suisse has announced it would accelerate cuts to the investment bank after reporting weak results. The bank has also announced it had sold some of its distressed credit portfolio to TSSP for around $ 1.27 billion. The bank also said US credit trading head Bob Franz and distressed research and trading head Ken Hoffman would leave their roles to form a new asset management to assist in servicing the assets.
