credit-suisse-to-cut-11-of-its-workforce

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 end of the third quarter to 17,500 at the end of 2009. The cuts will be fairly proportional in terms of geographies and will affect all seniority levels. The investment banking division will also be...
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