Surprise! Credit Suisse cut its ESG Research team in Europe
If anyone was going to be immune from Credit Suisse's job cuts, it should surely have been the team at the bank working on Environmental, Social and Governance (ESG) research in Europe. The fact that members of that team are going suggests that no one is entirely safe.
Credit Suisse is understood to be cutting the three-person team in Europe, including the team head who had worked for the bank for over a decade, plus two juniors.
The cuts are part of the bank's restructuring plan, under which 2,700 jobs are being trimmed before Christmas. When it presented the plan, the bank said it would be aligning and streamlining the equities division and implied there would be research cuts.
Credit Suisse declined to comment on the ESG cuts in the European investment bank. It's understood that teams will remain in place in Asia and America.
Sources suggested that this is a peculiar decision given that Europe is the most advanced region for ESG issues and that Asian and American research typically takes its lead from European researchers.
The unwanted researchers should find it easy to get new jobs elsewhere, possibly even at Credit Suisse itself. The Swiss bank just hired a new head of sustainability research for its asset management arm. In a reflection of the ongoing popularity of the sector, HSBC just hired Susannah Fitzherbert-Brockholes, a director in sustainable finance from PWC. And Citi just hired R Stuart McIntyre, an investment banking MD with a focus on infrastructure and sustainability from Barclays in the US.
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