Credit Suisse slashes 5300 jobsDecember 4th, 2008 - 6:37 pm ICT by IANS
Zurich, Dec 4 (DPA) Switzerland’s second biggest bank Credit Suisse is stepping up its restructuring programme saying Thursday it was axing another 5300 jobs after reporting 3 billion Swiss francs ($2.5 billion) in net losses during in the first two months of the current quarter.”Investment banking had a significant pretax loss, reflecting the adverse financial market conditions in the quarter and cost association with risk reduction,” the Zurich-based bank said in a review of its fourth-quarter performance.
The job cuts represent 11 percent of Credit Suisse’s total workforce with the bank having been badly hit the world financial crisis unleashed by the US subprime mortgage market meltdown. It has already slashed 1800 jobs this year.
Credit Suisse’s investment banking business is to bear the brunt of the job cuts, which the bank said it hopes to complete by the middle of next year.