Credit Suisse to cut 500 jobs
Credit Suisse has announced it will cut about 500 jobs across its investment banking division.
Switzerland’s second-largest bank added that it also planned to hire several hundred people this year in areas expected to show revenue growth, including global securities, emerging markets, commodities and derivatives.
“Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by about 500 across the investment banking division, primarily in the global securities department,” Credit Suisse said in a statement on Friday.
This figure includes the 150 investment banking jobs the bank is cutting in Britain which were announced earlier this week.
Credit Suisse has been relatively unscathed by the US subprime mortgage crisis, but a global credit crunch has disrupted the fixed-income operations of investment banks while they experience a slowdown in merger and acquisition activity.
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