Credit Suisse cuts 500 more investment banking jobs
ZURICH, Oct 28 (Reuters) – Credit Suisse is cutting 500 more investment banking jobs, the company said on Tuesday.
“Due to market conditions and projected staffing levels required to meet client needs, we are reducing global headcount by approximately 500 across our investment banking division and certain support functions,” the group said.
A spokesman for Credit Suisse said the bank had already cut 1,500 staff in investment banking since last autumn. Credit Suisse had a total headcount of around 20,500 in investment banking at the end of the second quarter of 2008.
Its shares were down 7.2 percent at 35.26 Swiss francs at 1710 GMT.
The spokesman declined to give details on where the jobs would be shed. The group has no specific target for job reductions.
Credit Suisse’s investment bank suffered a 1.7 billion Swiss franc ($1.46 billion) trading loss in the third quarter but overall the group has fared better than Swiss rival UBS in the credit crisis.
UBS announced earlier in October that it would slash 2,000 jobs in investment banking on top of the 4,100 jobs cut in the past year.