Credit Suisse decimates British workforce

Credit Suisse has announced it will cut around ten per cent of its British workforce, or about 650 jobs, mainly from its investment banking division.

This content was published on December 2, 2008 minutes

Switzerland's second-largest bank would not comment on whether there would be more job reductions in other countries or on the time frame for the measures.

Credit Suisse employs more than 6,000 people in London, Birmingham and Manchester. It has already cut 1,800 posts this year.

The cuts are the latest in a wave of job losses in which more than 100,000 jobs have been axed at major global banks since September.

In October Credit Suisse reported a SFr1.26 billion ($1.04 billion) loss but is in considerably better shape than Zurich-based rival UBS, which accepted a bailout worth tens of billions of francs from the Swiss government in October.

There may be more trouble ahead though. The New York Times reported on Monday that the United Stated Department of Justice had expanded its criminal investigation into offshore private banking services, placing Credit Suisse and London-based HSBC in its crosshairs.

Officials in the US accuse UBS of having helped some 20,000 US citizens illegally hide assets from tax authorities.

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