Employees of the investment banking division of Credit Suisse have been told to cut back unnecessary spending for staff parties, client entertainment, and color photocopying, according to a report in the Financial Times.
The Financial Times reported the internal memo sent by Brady Dougan, head of investment banking at Credit Suisse, and quoted him as saying: Managing our expenses is both a critical part of our strategy and our jobs. You can do your part by challenging all spending to ensure that it is necessary.
According to the report, dinners to celebrate successful deals have been drastically cut back and color photo copying has been restricted to client presentations only.
The Financial Times suggests that the cutbacks are unlikely to make a great difference to the division’s cost to income ratio as an investment bank’s cost base is made up of wages and bonuses.