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Credit Suisse 'to cut up to 5,000 jobs'

Up to 5,000 jobs could be cut by a major European bank due to a subdued performance in the opening quarter of the year, it has been reported.

According to Swiss newspaper Sonntag, Credit Suisse is set to restructure its investment banking division while unveiling its first quarter results next week (25 April), Reuters reports.

A senior insider at the financier - which was founded in Zurich in 1856 and now has 49,700 employees globally - told the news source that this area of its company is "simply completely oversized" and therefore needs to be streamlined.

This process, the individual went on to say, will result in as many as 5,000 positions being axed, meaning its pool of 20,900 investment bankers will be significantly reduced in size.

While a spokeswoman from Credit Suisse refused to comment on this report, chief executive Brady Dougan has faced criticism recently for not implementing enough cutbacks in the wake of the recession.

By Gary Cooper