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Credit Suisse and Nomura announce significant job losses

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by Kay Mitchell
”Credit

Struggling Swiss banking giant, Credit Suisse, has announced it is axing a further 5,300 jobs, with the majority of job losses in its investment banking division.

The bank, which is one of the biggest casualties of the credit crunch and has been forced to write-off assets worth billions as a result of toxic loans, has already axed 1,800 jobs this year.

Earlier this week, the bank said it was shedding 650 jobs from its UK workforce.

The bank is aiming to make savings of SwFr 2 billion and the job cuts will occur in the middle of 2009.

Furthermore, Japanese financial services group Nomura, is axing 1,000 jobs in London. The announcement comes just 3 months after its purchase of parts of the collapsed US bank, Lehman Brothers.

In a statement, Nomura said the job losses will ensure that the company remains competitive in the current market conditions.

Nomura’s aim is to reduce its staffing bill by around 20% wants to achieve annual profits of approximately 500 billion yen (£3.6 billion) by 2011.

According to a report in The Times, bankers, including those from Lehman, will be affected by the cuts, as well as support staff, including research teams and secretaries.

The process should be completed by the end of March 2009.

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News posted: December 4, 2008

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