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Credit Suisse cuts jobs on poor results

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.

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.

swissinfo.ch and agencies


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