Credit Suisse 'to cut another 1,000 jobs'

31 October 2011

Credit Suisse is set to reveal plans for a further 1,000 job cuts within its third-quarter results tomorrow (1 November), it has been reported.

According to Swiss newspaper Tages-Anzeiger, the financier will announce it is to implement a restructuring of its investment banking business in the near future which, in turn, will result in 1,000 people being made redundant, Reuters noted.

These losses are expected to occur primarily in the lender's offices in London and the US as the company attempts to adjust to stricter regulations and a tough period for trading as issues such as the eurozone debt crisis rumble on.

Earlier in the year, Credit Suisse unveiled plans to cut around 2,000 positions in order to reduce its costs and today's report indicates this figure will now be significantly higher.

This comes after the firm was issued with a $9.5 million fine by the Financial Services Authority (FSA) for failings in its structured capital at risk products sales in the UK.

By Asim Shah

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development