It appears that unlike UBS, which enjoys transacting in bulk, and announcing the firing of thousands of bankers en masse concurrent with the flurry of pink slips, its more nimble (but just as LIBOR-troubled) Swiss colleague, Credit Suisse, prefers transacting in the pink slip shadows. Specifically, instead of opting for large-font headlines, Credit Suisse prefers to keep its workers on their toes, and yesterday once again warned 120 unidentified employees in its 1/11 Madison Avenue NY headquarters are about to be laid off via the DOL's WARN website. This is only the fourth time in the past year CS has opted for this stealthy method of motivation, laying off 268 in November 2011 [6], December 2011 [7], October 2012 [8] and now this. Why motivation? Because by keeping the list of unlucky souls who will start getting pink slips as soon as December 30, it is motivating everyone to work far harder and preserve the hope that the bell tolls not for them. Indeed: a truly brilliant employee motivational mechanism.
From WARN [9]
Date of Notice: 12/10/2012
Control Number: 2012-0120
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: 120
Total Employees: -----
Layoff Date: Will occur between 12/30/2012 and 3/4/2013
Closing Date: -----
Reason for Dislocation: Economic
ERNUM: 05-81657
Union: No bumping rights exist.
Classification: Plant Layoff