Strategy

Credit Suisse To Cut 1,000 More Jobs, Mostly Within Investment Banking

Tom Burroughes Group Editor London October 31, 2011

Credit Suisse To Cut 1,000 More Jobs, Mostly Within Investment Banking

Credit Suisse will announce the loss of another 1,000 jobs when it presents its third quarter results tomorrow, the Swiss publication Tages-Anzeiger said, quoting unidentified sources.

The Zurich-listed bank declined to comment when contacted by WealthBriefing on the report.

The new job cuts, coming on top of those announced in July, will mainly occur in the US and London and are linked to a restructuring of Credit Suisse's investment banking business, the paper said. The private banking side of Credit Suisse was not mentioned.

"The bank will reduce risk weighted assets by about SFr100 billion," the newspaper said.

Earlier in the summer, Credit Suisse said it will cut about 2,000 jobs out of a total of about 50,700.

 

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