Credit Suisse to cut UK jobs

12 August 2010

Credit Suisse has announced it is to make reductions to its UK workforce.

The Swiss financial services provider, which is the second biggest in the state after UBS, is to cut 75 roles within its investment bank division.

It is expected that the job losses will affect bankers as well as employees working in support roles within the organisation.

In a statement, the financial institution said: “We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions.

“This involves both shifting resources to growth areas and adjusting capacity to meet client needs and to manage costs across the business.”

According to reports, the move follows a dip in performance from the investment bank unit between the first and second quarters of 2010.

The division reported that net revenue fell by 32 per cent to 4.1 billion Swiss Francs from the figure recorded during the second quarter of 2009.

Meanwhile, Barclays announced it is planning on cutting 400 jobs at its investment bank division.

The reductions are expected to take place within the support and IT departments.

By Jim Ottewill

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