Bloomberg

(Bloomberg) -- Credit Suisse Group AG is carrying out a fresh round of job cuts in London, shrinking its workforce by about 180 employees this week, most of them in the trading unit, two people familiar with the matter said.

Switzerland’s second-biggest bank is expected to post its second consecutive quarterly loss when it reports earnings next week, hit by the cost of an overhaul and writedowns on risky securities. 

About 130 employees lost their jobs in the global markets unit, including as many as 50 in equities and about 80 in the fixed-income business, said one of the people, who declined to be identified. The person said the remaining cuts occurred across support functions like information technology and human resources. Another person said the bank plans a further round of job cuts next month.

A spokeswoman for the bank in Zurich, Anuschka Ross, declined to comment. Credit Suisse had said it would eliminate 6,000 jobs globally this year, with 3,200 still to go as of March 23.

Chief Executive Officer Tidjane Thiam was forced to deepen his restructuring plans in March, after a tumultuous start to the year showed that the bank was still too vulnerable to market risks.

Business Insider reported the job cuts earlier.

--With assistance from Neil Weinberg To contact the reporters on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg.net, Jeffrey Vögeli in Zurich at jvogeli@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Cindy Roberts

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