Credit Suisse to cut 5,300 jobs

Swiss banking’s number two, Credit Suisse, has announced it is to cut 5,300 jobs. That means around 11 percent of the group’s global workforce will be looking for a new employer in the New Year. The group’s CEO, Brady Dougan, said: “About two thirds of the job reductions are in investment banking or investment banking-related businesses and support areas. That’s the primary area of reduction, but there is some reduction in all regions and all parts of our business around the world.”

Neither Dougan, the company’s chairman, nor the head of its investment banking arm will receive their bonuses this year. The lay-offs come as a result of losses of nearly two billion euros in October and November alone. Prior to the announcement Credit Suisse had already shed 1,800 jobs this year.

tags: Corporate, Switzerland