Credit Suisse to axe 1,500 more jobs

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 November 1, 2011 - 08:12 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.

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