Credit Suisse is cutting 500 jobs as it struggles to cope with losses on investments and a fall in investment banking business.
Brady Dougan, Credit Suisse’s chief executive, said last week that the fourth quarter remained “challenging” after the bank reported its second quarterly loss this year on writedowns and trades.
Credit Suisse yesterday revealed it would reduce its global headcount by a further 500, adding to almost 1,600 jobs it has cut over the past year.
The axe will fall in its securities business and in back-office functions. The bank employs a total of 21,300 staff.