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Credit Suisse to reduce headcount by 2,000

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by Kay Mitchell
”Credit

Credit Suisse, which is Switzerland’s largest bank, has today revealed it will axe 2,000 jobs after unveiling poor results in the second quarter.

The job cuts represent approximately 4% of its 50,700-strong global workforce.

The Swiss banking giant has been hit by weak trading activity and the strong Swiss franc.

Net profits dived to SwFr 768 million (£570 million) in the second quarter, down 52% compared with a year ago and below forecasts for 1 billion.

“We have to recognise the likelihood that the current headwinds in the economic and market environment may be more persistent than we would have hoped,” said Chief Executive Brady Dougan and Chairman Urs Rohner.

“We expect interest rates to remain low for an extended period of time and the strong Swiss franc to continue to have an impact on our results. We may also continue to see lower levels of client activity and a volatile trading environment,” the joint statement added.

In other news today, there is speculation that banking giant HSBC is to axe more than 10,000 jobs as part of the bank’s strategic review.

The report from Sky News said some of the cuts will come from its head office while others will be the result of closing some retail banking operations.

However, a spokesperson for the bank declined to comment on the report.

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News posted: July 28, 2011

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