Tags: Credit | Suisse | cut | jobs

Credit Suisse to Cut Another 1,000 Jobs: Report

Monday, 31 Oct 2011 07:33 AM

Swiss bank Credit Suisse will announce the loss of another 1,000 jobs when it presents third-quarter results on Tuesday, a Swiss newspaper reported without revealing its sources.

The new job cuts, coming on top of those announced in July, will mainly occur in the United States and London and are linked to a restructuring of Credit Suisse's investment banking business, Tages-Anzeiger said on Monday.

"The bank will reduce risk weighted assets by about 100 billion Swiss francs," the newspaper reported.

A spokesman for the bank did not wish to comment. Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Credit Suisse said this summer it was going to cut about 2,000 jobs out of a total of about 50,700 as it was targeting 1 billion francs in cost savings.

Switzerland's other big bank, UBS, said in August it was slashing 3,500 jobs to shave 2 billion Swiss francs off annual costs.

© 2015 Thomson/Reuters. All rights reserved.

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