Navigation

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
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.

This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

Contributions under this article have been turned off. 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.

Share this story

Change your password

Do you really want to delete your profile?