Credit Suisse to cut 11% of its workforce

Investment banking is hit hardest by the layoffs, with 3,800 jobs set to disappear. The move comes after the bank estimates a net loss of $2.5 billion in the past two months.

Credit Suisse yesterday became the latest bank to announce sizeable job cuts after estimating that it made a net loss of about Sfr3 billion $2.48 billion in October and November due to the adverse market conditions and costs associated with a risk reduction programme.

The Swiss bank said it plans to reduce its global headcount by 5,300 people, or 11%. Of the total, 3,800 jobs will be cut within investment banking, where staff numbers will drop from 21,300 at the...

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