Credit Suisse mulls job cuts
Swiss bank Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming first-quarter results, a Swiss newspaper reported on Sunday. Citing an estimate from a member of senior management, the Sonntag newspaper said the bank could cut about 5,000 positions. The investment bank is “simply completely oversized,” the person was quoted as saying. The bank is scheduled to report first-quarter results on April 25. Credit Suisse ended last year with 20,900 investment bankers, 200 more than at the beginning of the year. Staff count at the whole bank was largely stable even after two rounds of cuts eliminated 7 percent of its overall workforce, or 3,500 jobs.
Carlyle eyes US$760m IPO
Carlyle Group LP, is seeking to raise as much as US$762.5 million in its initial public offering (IPO), according to a person with knowledge of the matter. About 30.5 million shares will be offered at between US$23 and US$25 each, said the person, who declined to be identified because the Washington-based private-equity firm, has yet to release terms of the IPO. The company planned to file an updated prospectus as soon as yesterday, the person said. The firm has already said the stock will list on the NASDAQ under the symbol CG. Carlyle, which has considered an IPO since 2007, would be valued at between US$7 billion and US$7.6 billion after the sale, the person said. The firm follows competitors Blackstone Group LP, Apollo Global Management LLC and Fortress Investment Group LLC in selling shares to the public.
FTA comes into force
The US-Colombia free-trade agreement (FTA) will enter into force next month, far earlier than expected, as a result of what the administration of US President Barack Obama called “historic” progress for Colombian worker protections and human rights. The announcement came during the Summit of the Americas in Colombia, where Obama met regional political and business leaders, including Colombian President Juan Manuel Santos, to push for greater access for US exports. US Trade Representative Ron Kirk told reporters in the Caribbean resort of Cartagena that the trade deal Obama signed in October last year would be implemented on May 15, months ahead of what most trade watchers had anticipated. An elated Santos said free-trade with the US had been a Colombian dream for 20 years that had finally come true.
Twitter expands in Japan
Twitter Inc will “aggressively” add sales staff in Japan to attract more advertisers as local user growth exceeds the company’s global expansion, Twitter chief executive officer Dick Costolo said. The microblogging service will continue to invest and hire in Japan and will also add engineers, Costolo told reporters in Tokyo yesterday. The San -Francisco-based company, which lets users post 140-character messages, is expanding abroad to decrease its reliance on the US market. The percentage of revenue Twitter earns from the US will fall to 83 percent in 2014 from about 90 percent this year, researcher EMarketer estimated in January. Japan had the third-largest share of Twitter users with 29.9 million accounts created before Jan. 1, according to Semiocast, a social-media research company.