Mack the knife to cut a further 1,750 jobs at CSFB
By Katherine Griffiths, Banking Correspondent
09 October 2002
John Mack, the chief executive of Credit Suisse First Boston, has told employees that 1,750 more jobs would have to go due to the worsening economic environment, bringing the total number of job losses since his arrival in July 2001 to 6,500.
The move is an attempt to save an extra $500m (£321m) of costs from the loss-making investment bank whose current headcount is 25,000 globally.
Mr Mack, known as "Mack the knife" for his cost cutting zeal, wrote in an e-mail to staff on Monday: "Market conditions have continued to decline. The result is that we are forced to make some very tough decisions, the hardest of which is to further reduce headcount. Eliminating jobs is never easy, but it is especially difficult when people have been working so hard for the firm."
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