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Credit Suisse now cutting people it hired from JPMorgan in July

The cuts are not over yet. Nor will they be for a long time, given that Credit Suisse aspires to cut 9,000 people. 

In the short term, insiders at the Swiss bank say the extractions are happening in the high yield and credit group in continental Europe. Bjoern Bluemke, the head of German sales who only joined from JPMorgan in July has been asked to leave again.

Given that Bluemke was at JPMorgan for 14 years previously, he may regret having his head turned.

Several of Credit Suisse's French credit professionals have also been given the bad news, although being in France they won't actually be made to leave the bank for a while.

And in London, we understand that a high yield desk analyst has gone three years after joining, along with a credit sales analyst who only arrived in January after completing an internship. 

Earlier this month, Credit Suisse let go of Rob Samuels, a real money credit salesman who joined from MUFG in August and whose wife had just had a baby.

There are fears of further cuts in London, with the suspicion growing that the high yield business in particular will be simply about distributing bonds originated by the bank itself. Given the choice, those remaining at the bank may not wait to find out and opt to follow colleagues to Deutsche Bank. 

It's a rude reminder that banking jobs don't always last, no matter how junior or senior you are.

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AUTHORSarah Butcher Global Editor
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