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Department Of Labor Tells 49 Unlucky Credit Suisse Bankers They Are About To Be Laid Off

Tyler Durden's picture




 

The earlier bomb scare at Credit Suisse's 1 Madison Avenue HQ may have been a hoax (or, considering this news, a diversion) but the sneaky announcement that the Swiss bank is preparing to fire 49 employees, once again courtesy of the DOL's appropriately named WARN website, is all too real. And since we are now deep in (lack of) bonus season, expect banking layoff announcements to start popping up daily if not hourly. As for the Unmagnificent 49: goodbye 1, welcome 99.

From WARN:

Date of Notice: 12/12/2011

 

Control Number: 2011-0184

 

Rapid Response Specialist :  Linda Foehr

 

Reason Stated for Filing:   Plant Layoff

 

Company: Credit Suisse Securities (USA) LLC
One Madison Avenue and Eleven Madison Avenue (one site)
New York, NY  10010

 

County:  New York | WIB Name: NEW YORK CITY| Region: New York City

 

Contact: Mindy Schwartz, Managing Director, Human Resources

 

Phone:  (212) 538-6703

 

Business Type:   Financial Institution

 

Number Affected:  49

 

Total Employees: -----

 

Layoff Date:  Commencing on 11/28/2011 and extedning through 3/30/2012

 

Closing Date:  -----

 

Reason for Dislocation:  Economic

 

ERNUM: 05-81657

 

Union:  No bumping rights exist

 

Classification: Plant Layoff

 

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Wed, 12/14/2011 - 14:54 | 1979713 redpill
redpill's picture

What an inglorious way to find out you're getting canned.

Wed, 12/14/2011 - 14:57 | 1979731 CPL
CPL's picture

HO HO HO!!

 

Fuck off you're fired!  

Wed, 12/14/2011 - 15:07 | 1979774 Eally Ucked
Eally Ucked's picture

That's not all yet Credit Agricole just announced few thousands lay-off plus closing operations in 21 countries. Just beginning! 

Wed, 12/14/2011 - 15:20 | 1979833 Temporalist
Temporalist's picture

I was just going to post that...

 

Credit Agricole to Eliminate Up to 2,300 Jobs

http://dealbook.nytimes.com/2011/12/14/credit-agricole-to-eliminate-2300-jobs/

 

Wed, 12/14/2011 - 15:43 | 1979957 markar
markar's picture

No surprise there. they were rumored to be the bank going down that triggered the Fed's swap intervention last week.

Wed, 12/14/2011 - 18:29 | 1980761 TheFourthStooge-ing
TheFourthStooge-ing's picture

Rat out your criminal bosses at:

tips [ at ] zerohedge.com

It might be the difference between watching the hangings from the audience or watching them from the stage.

 

Wed, 12/14/2011 - 15:45 | 1979968 iDealMeat
iDealMeat's picture

 long thumb drives.  Someone is going to "walk" with some info.

 

Wed, 12/14/2011 - 16:43 | 1980279 SheepleLOVEched...
SheepleLOVEcheddarbaybiscuits's picture

no one ever cried over spilled bankers

Wed, 12/14/2011 - 15:10 | 1979781 nope-1004
nope-1004's picture

This type of thing happened to a friend of mine.  They were told they could go home early on a Friday, only to have senior management come in a seize all the computers before opening up Monday AM.  He was laid off on that Monday.

I bet the bomb scare was a hoax.  It was to buy time for all the computers to be quarantined and those people were then let go.

Wed, 12/14/2011 - 15:25 | 1979859 blu
blu's picture

It could have been called in by a disgruntled employee, just having learned of layoffs.

Still supports your thesis however.

Wed, 12/14/2011 - 15:55 | 1980044 Miss Expectations
Miss Expectations's picture

Here's a site to watch...Daily Job Cuts (Layoffs, Bankruptcy, Closings)

http://www.dailyjobcuts.com/

Wed, 12/14/2011 - 14:55 | 1979717 fuu
fuu's picture

49 down, lots more to go.

Wed, 12/14/2011 - 14:55 | 1979721 My Taint
My Taint's picture

Peace you fuckers

Wed, 12/14/2011 - 14:56 | 1979724 Richard Chesler
Richard Chesler's picture

Dear criminal associates,

There is nothing left to loot.

Now jump you fuckers!

 

Wed, 12/14/2011 - 15:00 | 1979747 topcallingtroll
topcallingtroll's picture

High quality 99 dollar sniperscopes at shopbarska.com.

Not that I would ever attempt to manipulate emotionally fragile people unlike you, RC.

And you saw it first (in a banner ad) at zerohedge.

Wed, 12/14/2011 - 15:13 | 1979801 Magnix
Magnix's picture

That scope is piece of shit. It breaks. Had a friend who bought it and the lens inside the scope dislocated and broke.

Wed, 12/14/2011 - 15:17 | 1979816 Walter E Kurtz
Walter E Kurtz's picture

In their case, I'm pretty sure it would be a one time use item anyway.

Wed, 12/14/2011 - 14:57 | 1979728 topcallingtroll
topcallingtroll's picture

So what do you call 49 laid off credit swiss bankers?

Wed, 12/14/2011 - 14:58 | 1979736 CPL
CPL's picture

#Occupy?

 

Maybe if they are technical and know people #Anonymous

Wed, 12/14/2011 - 15:00 | 1979744 CPL
CPL's picture

Or if they know how to count they could be #FinAnon.

Wed, 12/14/2011 - 14:59 | 1979743 fuu
fuu's picture

A good start?

Wed, 12/14/2011 - 15:01 | 1979754 topcallingtroll
topcallingtroll's picture

Ding ding ding.

We have a winner!

Wed, 12/14/2011 - 15:00 | 1979750 WALLST8MY8BALL
WALLST8MY8BALL's picture

Occupy Madison Park!

Wed, 12/14/2011 - 14:58 | 1979733 youLilQuantFuker
youLilQuantFuker's picture

Meredith was just off a little on timing. Right around the corner Mr. Bloomberg.

Wed, 12/14/2011 - 14:58 | 1979737 slaughterer
slaughterer's picture

To the Credite Suisse 49: Welcome back to the 99%, Join OWS fuckers.   Karma for selling private account info to the US govenment and various unsuccessful looting operations.   No pity.  

Wed, 12/14/2011 - 15:05 | 1979767 non_anon
non_anon's picture

and they will be the first ones to file for food stamps, welfare and unemployment beneifts to go with their golden parachutes

Wed, 12/14/2011 - 15:06 | 1979769 williambanzai7
williambanzai7's picture

Credit Agricole is chopping 2500 investment bankers and consumer finance schlemiels.

Wed, 12/14/2011 - 15:08 | 1979777 q99x2
q99x2's picture

McDonald's is hiring but I think they run background checks.

Wed, 12/14/2011 - 20:40 | 1981286 Shineola
Shineola's picture

Please dont tell my folks I lost my bankìng job. I told them I was a piano player in whore house. Not a big stretch.........really.

Wed, 12/14/2011 - 15:10 | 1979785 walküre
walküre's picture

OFF TOPIC. Where is the President of Pakistan? Just across the wire that he's been "missing" for a week !!!!!

Wed, 12/14/2011 - 15:26 | 1979867 Crisismode
Crisismode's picture

Visiting his good pals in Beijing.

Wed, 12/14/2011 - 15:34 | 1979902 Jena
Jena's picture

Zardori has reportedly had a "mini-stroke", or trans-ischemic attack that can sometimes be a presursor to an actual stroke or it may be inconsequential.  Whether it's true or not?  http://www.washingtonpost.com/world/asia-pacific/pakistani-president-had-mini-stroke-but-will-return-to-office-associate-says/2011/12/13/gIQAx6SUrO_story.html

Wed, 12/14/2011 - 20:44 | 1981308 Shineola
Shineola's picture

Christians In Action sent him a drone from heaven.

Wed, 12/14/2011 - 15:11 | 1979789 Dr. Engali
Dr. Engali's picture

I'm sure they will land a good job at a buy here pay here used car lot.

Wed, 12/14/2011 - 15:12 | 1979792 stock trout
stock trout's picture

Reason stated for filing: Plant Layoff

 

Plant? So a bank is a plant, or maybe the IBM 360 COBOL/RPG program that produces this report hasn't been updated to allow for financial institution layoffs.

Or perhaps they failed a random drug test.

Wed, 12/14/2011 - 15:19 | 1979829 blu
blu's picture

Carefully placing the bad news into a stats column far removed from financials.

The lies never stop.

Wed, 12/14/2011 - 15:29 | 1979884 Saro
Saro's picture

Plant Layoff

I think it means they're firing the moles they've placed in strategic positions within the government.

Wed, 12/14/2011 - 15:12 | 1979797 hungarianboy
hungarianboy's picture

http://www.portfolio.hu/en/img/dotted.gif); background-attachment: initial; background-origin: initial; background-clip: initial; color: #d64703; padding-top: 0px; padding-right: 0px; padding-bottom: 3px; padding-left: 0px; margin-top: 15px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; background-position: 0% 100%; background-repeat: repeat no-repeat;">New Central Bank Act unveiled in Hungary

The draft of Hungary's proposed Central Bank Bill has been posted on Parliament's website on Wednesday. While the rationale section almost exclusively focuses on how the new legislation is designed to ensure the independence of the National Bank of Hungary, the actual changes to the current law suggest otherwise. If the new bill is passed, not only could two additional seats be added to the rate-setting Monetary Council, but the government would also have a mandate to appoint another Vice Governor - both without consulting the NBH first. 

 

In other words, The goverment is taking controll over the Hungarian central bank

Wed, 12/14/2011 - 15:18 | 1979818 firstdivision
firstdivision's picture

They could get jobs working on rigs in Brazil...oh wait no they cannot. 

Brazil is doing a good job of maintaining elevated oil prices.

Wed, 12/14/2011 - 15:18 | 1979819 blu
blu's picture

Makes for a larger bonus pool for the top-tier playerz. Of course they will have fewer workers going into next year and lower expectations, but nobody cares, because there will be no next year.

They are eating their own. And then there were none.

Wed, 12/14/2011 - 15:19 | 1979825 junkyardjack
junkyardjack's picture

Nice use of a bomb scare.  The employees will come back in and their desk will be gone

Wed, 12/14/2011 - 15:25 | 1979851 Temporalist
Temporalist's picture

The "scare" is actually the sovereign debt bomb waiting to explode...but nothing to worry about/risk on/green shoots/eurozone fixed/recovery any year now.

Wed, 12/14/2011 - 15:26 | 1979868 Granangry
Granangry's picture

They deserve all they get and MORE

Wed, 12/14/2011 - 15:31 | 1979889 kito
kito's picture

farming..........thats where its at................

Wed, 12/14/2011 - 15:34 | 1979904 buchesky
buchesky's picture

Tyler - You may be confused how this works.  The WARN notice is not just to NY State, but also to the employees.  The WARN act requires employers to give the state and the employees 90 days notice when the company is laying off a large number of employees in a single geographical area.  The employees are certainly not finding out via this NYS web site.  Individuals typically find out the same day the notice is filed with the state.

Wed, 12/14/2011 - 16:41 | 1980263 dark pools of soros
dark pools of soros's picture

kiljoy bitchez

Wed, 12/14/2011 - 15:35 | 1979906 chubbar
chubbar's picture

Note to any soon to be unemployed banking elite: Immediately copy and secure all material related to the ongoing crimes being committed by central banks, investment banks and gov't officials in order to guarantee a seat at the bargaining table after being laid off.

Wed, 12/14/2011 - 15:40 | 1979932 youngandhealthy
youngandhealthy's picture

I have no pitty whatsoever for any Bankster being fired. Any.

Wed, 12/14/2011 - 15:50 | 1980006 BluPoint
BluPoint's picture

Lost my job down at the plant honey.  Whatta we gonna do now?

Wed, 12/14/2011 - 18:03 | 1980671 youLilQuantFuker
youLilQuantFuker's picture

The obvious answer is that the honey plant must produce.

Unemployment has become discouraging. Despair is in the air and everyone is breathing it.

The slaves are feeling a sense of malaise.

When confronted with unemployment in the current climate they will chose to grab at the brass ring.

Breed, declare insolvency, target social benefits to offset loss of income. Wash, rinse, repeat.

It's the only solution to an upside down pyramid. Increase population.

Wed, 12/14/2011 - 17:31 | 1980544 Steadfast
Steadfast's picture

Not sure I understand why the DOL would be the one notifying the soon to be redundnat workers...and not their employer, the bank.

Also, I am disgusted with the blind malice directed at these people who are about to be unemployed. Do any of you know who they are, what their jobs were, what "role" if any they have had in any of the corruption, fraud, and theft that some in that industry are guilty of? Have these people been accused of any crime? I share your contempt for those individuals in corporate America, Government, Unions, and even those individuals who manipulate the system for their own benefit.

But to lodge such vile and malevolent comments toward those whose particular credentials and work history you know nothing about...simply because they happened to be employed in an industry that has earned a very bad reputation of late, is a shame-worthy response that has no justification or compassion...just ignorant mob-like anger, absent of any semblance of the presumption of innocence until proven guilty, let alone fairness, reason, truth, and charity.

Neither our great country and it's founding values, nor any one of us becomes stronger, safer, wiser, richer, more virtuous, or more worthy of respect, simply by roaring louder, nashing our teeth more rabidly, inflicting vengance, nor by eating our own.

Anger at corruption and lack of accountability is entirely appropriate. But focus your contempt on those individuals who are clearly and directly accused of, involved, found guilty of criminal/corrupt activities...not those who are guilty of no worse an "offence" than having worked at the same company. Do not let your anger destroy your ability to distinguish those who are guilty from those who are not. Otherwise, your misguided contempt will serve to destroy innocent people just as severely as the Maddoff's, and Hitler's have done.

May your conscience, combined with honesty, reason, compassion, and renewed trust in a Supreme Power (far above all of mankind) guide your future conduct toward all others.

Peace to you now and forever.

 

 

Wed, 12/14/2011 - 17:55 | 1980640 fuu
fuu's picture

Enablers of my enemey are also my enemy.

Wed, 12/14/2011 - 18:12 | 1980706 Steadfast
Steadfast's picture

Your response is like a piece of bad art.  It is a sign of the times, but with little redeeming value.

Enablers of your enemy are your enemy, huh? Look no further than you mirror.

Would it be safe to say that you have an active bank account?

Then you are funding your enemy. So, convict yourself.

Wed, 12/14/2011 - 18:27 | 1980758 fuu
fuu's picture

Nope, try again.

Wed, 12/14/2011 - 19:08 | 1980914 SAT 800
SAT 800's picture

"They were just following orders". Doesn't that make it alright. hmm. well, maybe not.

Wed, 12/14/2011 - 18:29 | 1980762 Iam_Silverman
Iam_Silverman's picture

"Also, I am disgusted with the blind malice directed at these people who are about to be unemployed."

You know, I kinda' agree.  They really should start at the TOP, and work down.  Those tellers and phone operators had nothing to do with the poor investment choices (and downright theft of client funds) that the big boys started!

 

Could you imagine if any of the TBTF banks had to lay off 49 members, starting with the CEO/CFO/COO, and then work down?  I think that in itself would do far more to clean up the banking industry than any other solution offered.

Thu, 12/15/2011 - 00:44 | 1982142 dolph9
dolph9's picture

FUCK BANKERS.

Wed, 12/14/2011 - 18:06 | 1980690 duckhook
duckhook's picture

The layoffs ON WALL ST ARE ALMOST OVER .ONLY 750,000 TO GO

Wed, 12/14/2011 - 18:17 | 1980722 Steadfast
Steadfast's picture

And one way or another, you'll be contributing to their unemployment compensation and other government (taxpayer-funded) "benevolence".

Look further than your nose.

Wed, 12/14/2011 - 18:21 | 1980746 duckhook
duckhook's picture

THE  FEDS WILL BE FORCED TO PAY MORE UNEMPLOYMENT BENEFITS,WHICH WILL INCREASE DEFICITS.bUT THIS WILL NOT COST TAXPAYERS ANYTHING.,BECAUSE THER ARe NUMEROUS BOND MARKET GENUISES WILLING TO FINANCE ANY GOVENERMENT DEFICITS AT NO COST.rEMEMBER DEFICTS COST NTHING ,UNTIL THEY DO

Wed, 12/14/2011 - 18:39 | 1980782 Iam_Silverman
Iam_Silverman's picture

Duckhook, two things.

One, look for a key labeled as "Caps Lock".  Press it ONE time.  Thanks.

Two, the FED does not pay UEI - it is paid at the state level, and sometimes the extended benefits are "covered" by certain government programs that offer low interest rate "loans" to the state.  The insurance program is funded by employers paying into it, at both the federal and state level.  The STATES administer the program and often run out of money as the number of employers diminish in an economic downturn.  They then BORROW from the government.

 

"Currently, employers pay federal unemployment taxes of 6.2 percent on the first $7,000 earned by each of their employees during a calendar year. These federal taxes are used to cover the costs of administering the UC programs in all states. In addition, the federal UC taxes pay one-half of the cost of extended unemployment benefits (during periods of high unemployment) and provide for a fund from which states may borrow, if necessary, to pay benefits."

Wed, 12/14/2011 - 18:26 | 1980754 duckhook
duckhook's picture

NYCITY REAL ESTATE IS ABOUT TO PLUNGE 30% IN THE NEXT YEAR.A PERFECT STORM IS OCCURING IN NYCITY.BUT  THIS TIME THERE WILL BE NO BAILOUTS FROM THE FEDS

Wed, 12/14/2011 - 19:06 | 1980909 SAT 800
SAT 800's picture

I just feel so sad for those Credit Suisse bankers; my heart goes out to them. Maybe they could just eat shit and die.

Wed, 12/14/2011 - 19:36 | 1981010 sabra1
sabra1's picture
Department Of Labor Tells 49 Unlucky Credit Suisse Bankers They Are About To Be Laid By Janet Napolitano!
Thu, 12/15/2011 - 00:43 | 1982139 dolph9
dolph9's picture

The lawnmowers and mops are out back, boys.

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