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August 12, 2010    

Credit Suisse to axe 75 British workers

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by Kay Murchie

Credit Suisse, which is Switzerland’s second-largest bank, has today announced it will axe 75 jobs at its British operations.

“We are currently reducing headcount by approximately 75 in the United Kingdom in the investment bank and certain support functions,” the bank said today.

However, Credit Suisse, which has a substantial wealth management unit, said it continued to recruit in areas such as fixed income flow sales, private banking relationship management and information technology.

The news comes just 24 hours after Barclays Capital, the investment division of banking giant Barclays, said it would slash around 400 back-office jobs in the US, Europe and Asia.

Meanwhile, bank industry sources have told Reuters that if there is no improvement during the third quarter, there could be job cuts across the industry.

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