Bank Credit Suisse is to cut about 2,000 jobs as it reported a “disappointing” second-quarter net profit, dented by weak trading activity and the strong Swiss franc.
This content was published on
1 minute
swissinfo.ch and agencies
The Swiss bank said that net profit fell to SFr768 million ($959 million), below average analyst forecasts for SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010.
Chief Executive Brady Dougan said the bank would cut four per cent of total staff to save about SFr1 billion next year because of the “disappointing performance” this quarter.
Implementation costs in 2011 would be SFr400-450 million. Many of the job cuts concern people hired in a post-crisis spree.
Rival UBS said on Tuesday it would cut costs by up to SFr2 billion and push back targets after reporting disappointing second-quarter profits following slow trading in fixed income, currencies and commodities.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse “worse off” than UBS in the US
This content was published on
The political and legal climate has changed considerably since 2008 and lawyers and clients of Credit Suisse see the position of Switzerland’s second largest bank as more serious than that of its competitor UBS. Before indicting four former bank employees, the US Department of Justice sent a letter to Credit Suisse earlier this month warning…
This content was published on
With rumours circulating in the media that rival Credit Suisse will give details of a staffing cull on Thursday, the portents are once again looking particularly grim for workers in the Swiss financial sector. UBS did not give details of how it would make savings of between SFr1.5 billion and SFr2 billion, announced as the…
This content was published on
Investigators have now escalated the probe and are attempting to implicate the bank in hiding some $3 billion (SFr2.46 billion) of client assets from the Internal Revenue Service (IRS). They must prove that the bank’s hierarchy sanctioned staff actions before client data can be demanded in a re-run of the UBS case two years ago.…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.