Credit Suisse to cut 500 jobs in US, Britain

29th October 2008, Comments 0 comments

The second largest Swiss bank will cut 500 jobs in its investment banking business.

29 October 2008

ZURICH - Credit Suisse Group says it will cut 500 jobs in its investment banking business.

Switzerland's second largest bank says nearly all of the 500 job cuts will be in the United States and Britain.

Tuesday's announcement came in addition to a 1,500-job reduction the bank had announced earlier.

Credit Suisse reported a CHF 1.26 billion third-quarter loss last week as writedowns in its investment banking business more than wiped out profits elsewhere.

[AP / Expatica]

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