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Further job cuts at Credit Suisse

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by Kay Mitchell
”Further

Swiss investment bank, Credit Suisse, has announced plans to axe 75 jobs in in its investment bank and support services division in the UK.

Switzerland’s second largest bank said challenging market conditions and projected staffing levels needed to meet client requirements has resulted in a reduction in headcount.

The bank, which has its UK operations headquartered in London’s Canary Wharf, has already shed 1,000 investment jobs worldwide this year after nearly 200 job losses in that division last year. It also axed 150 jobs in its residential mortgage-backed securities business.

It is believed that more redundancies at the bank will follow according to Georg Kanders, of WestLB, who said the redundancies are an ongoing process.

Back in April, the bank reported its first quarterly loss for almost five years after its asset write-downs reached £4.3 billion ($8.5 billion).

Goldman Sachs analysts believe that Credit Suisse will have to write-down a further £566 million of assets this year.

UBS, which is Switzerland’s largest bank, has also been hit by heavy losses, the bank’s write-downs have reached $37.4 billion so far. It has reduced its workforce by almost 7%. UBS is one of the biggest victims of the credit crunch.

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News posted: June 23, 2008

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