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Credit Suisse to cut 2,000 jobs

Thursday July 28th 2011

Credit Suisse is to cut 4% of its total employees across the group in a bid to slash spending after its net profits dropped 52% year-on-year to 768 million Swiss francs (£587 million) in the three months ended June.

The cutbacks translate to over 2,000 job reductions.

Analysts had expected the group's profits to reach 1 billion Swiss francs (£753m) during the quarter.

Credit Suisse posted a decline in its second-quarter operating income to 1.37 billion Swiss francs (£1bn).

The group had reported an operating income of 1.7 billion Swiss francs (£1.2bn) during the corresponding period of 2010.

The weakening of the US dollar against the Swiss franc and poor trading dragged operating income down in the April-June period of this year, the bank said.

Brady Dougan, chief executive of Credit Suisse, said job reductions are aimed at saving nearly 1 billion francs in 2012.

Copyright © Press Association 2011

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