Credit Suisse cuts 1,500 jobs

1 November 2011

Credit Suisse has announced an additional 1,500 job losses following a disappointing period of performance in the third quarter of 2011.

The European financier today (1 November) unveiled its figures for the previous three-month timeframe of the year and indicated that redundancies are necessary if it is to be able to conform to new capital rules.

Yesterday, Swiss newspaper Tages-Anzeiger reported that the lender was planning to implement 1,000 extra job losses on top of the 2,000 unveiled earlier in the year as it attempts to restructure its investment banking business.

However, during a statement today, the institution - which has more than 50,000 employees across the world - revealed that, in fact, 500 more people would be losing their jobs.

Mr Mathers explained these cuts would occur evenly across all the firm's business arms and in all developed economies worldwide, but admitted they will be primarily focused on new income.

By Tony Aynsley

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