CSFB Reported to Be Cutting 760 Jobs

Credit Suisse First Boston, a unit of Swiss bank Credit Suisse Group Inc., is cutting 20% of its global investment banking unit, or about 760 jobs, a company source said.

CSFB, which hired Wall Street veteran John Mack in July to tighten controls at the firm, has about 3,800 employees worldwide in its investment banking operations, which include its private equity group, the source said.

A CSFB spokeswoman declined to comment on the matter, which was first reported by financial TV station CNBC.

Mack joined CSFB a few months after leaving Morgan Stanley, where he earned the nickname “Mack the Knife” for his cost-cutting style. CSFB has shelled out millions to keep talent it acquired last year when it purchased Donaldson, Lufkin & Jenrette, and Mack has acknowledged that the company’s cost structure is too high.