Switzerland's Credit Suisse started cutting to size the fixed-income unit at its London branch. The bank released a first batch of bankers with further colleagues bound to follow.

Credit Suisse (CS) plans to reduce its workforce by 5,600 people. This is what CEO Tidjane Thiam announced at the strategy presentation in October. The first of many are gone.

A report by «Bloomberg News» named four of the employees that have been released at the fixed-income unit in London. The four are Stephen Snizek, a high-yield bond trader, hedge fund salesman Charlie Breitzke and the credit strategists Marco Gironi and Christian Schwarz.

Thiam plans to cut about 200 of his traders in London, mainly at the fixed-income unit, «Bloomberg News» reported, citing an unidentified source familiar with the plan.

European banks are reducing some capital-intensive business following the introduction of rules requiring them to hold more capital and take less risk. Thiam decided to put a bigger focus on wealth management while cutting back the investment banking unit.