Almost precisely a year ago we posted "268 NY Credit Suisse Employees Learn They Are About To Be Laid Off Via Department Of Labor Website [7]." Now, a year later, irony has struck again, as this time 138 employees from an already substantially trimmed Credit Suisse office in Manhattan, find out courtesy of the DOL's WARN website, but certainly not their HR team who wants everyone as motivated as possible until the "Hammer Hits" day, they have just been made redundant in the critical Christmas bonus season between October and December 29, 2012. Instead now everyone will be undermotivated until they get to learn who gets sacked. All that is left now are the actual identities of the pink slippees. The only other open question is whether the loss to US Federal and NY State tax revenues and US GDP will be offset by the more broken windows that are increasingly being discounted as a result of the ever rising unemployment and greater social unrest (not to mention part time NYPD jobs especially if sharpshooting is actually involved in their training this time).
From WARN [8]:
Date of Notice: 10/4/2012
Control Number: 2012-0069
Rapid Response Specialist: Edwidge Michel
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: Ketty K. Russeva, Managing Director, Human Resources
Phone: (212) 538-8263
Business Type: Financial Institution
Number Affected: 138
Total Employees: -----
Layoff Date: Will commence on or about 10/15/2012 and extend through 12/29/2012.
Closing Date: -----
Reason for Dislocation: Economic
ERNUM: 05-81657
Union: No bumping rights exist.
Classification: Plant Layoff