Credit Suisse axes 5,300 jobs
Thursday 4th December 2008, 12:28PM GMT.
Credit Suisse is axing another 5,300 jobs from its workforce as it attempts to cut costs.
The jobs, which represent 11 per cent of the bank’s workforce, will be mainly be lost in the investment banking arm.
So far this year, the group has cut 1,800 roles. On Monday, the bank confirmed 650 jobs will be lost in London.
The bank has been hit hard by the credit crunch and has lost three billion Swiss francs (£1.7 billion) in the two months to November.
Credit Suisse said it expects to save two billion Swiss Francs through the job losses and other cost-cutting measures.
Brady Dougan, chief executive of Credit Suisse, said: “These actions will better position us to weather the continuing challenging market conditions, capture opportunities that arise amid the continuing disruption, and prosper when markets improve.”
Japanese financial services group Nomura has also announced job cuts in London, with up to 1,000 posts expected to go.
Nomura bought part of the failed Lehman Brothers group and said it had decided to make the cuts after an internal review.
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