Credit Suisse bank has announced it is to cut about 1,500 more jobs and to reorganise its securities unit after the division reported its first quarterly loss in three years.
This content was published on
1 minute
swissinfo.ch and agencies
Third quarter net income rose 12 per cent to SFr683 million ($777.3 million), according to a statement published on Tuesday.
However, the result is short of the SFr979 million profit expected by analysts.
Chief executive Brady Dougan said the third quarter represented a difficult environment with “a high degree of uncertainty, low levels of client activity across businesses and extreme market volatility.”
The staff reductions come on top of previous cuts announced in July when the bank, one of Switzerland’s top financial institutions, reported it would axe more than 2,000 jobs, due to a strong Swiss franc and a plunge in trading and investment banking earnings.
CS has announced it will shrink its investment banking arm and refocus its activities on wealth management.
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.
Read more
More
UBS Q3 results exceed expectations
This content was published on
The Zurich-based banking giant indicated at the beginning of this month that a “modest net profit” was in store for the Q3 results but Tuesday’s figures well exceed analysts’ expectations. In a statement, UBS revealed that the SFr980 million result included the SFr1.849 billion trading income loss “resulting from the unauthorised trading incident” and an…
This content was published on
The Swiss bank said on Thursday net profit fell to SFr768 million ($959 million), below average analyst forecasts of SFr1 billion and less than half the SFr1.6 billion made in the same period in 2010. Operating income fell to SFr1.37 billion from SFr1.7 billion in the Q2 last year. New assets in private banking were…
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…
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.