Credit Suisse cuts 1,500 more jobs as posts weak Q3
Banks are shedding jobs worldwide as stricter regulations and a tough third quarter for trading income take their toll on investment banking units in particular.
Credit Suisse said this summer it would cut about 2,000 jobs out of a total staff of about 50,700 as it targeted 1 billion francs in cost savings. It said the new cuts announced on Tuesday should bring those cost savings to 2 billion francs.
In line with other banks this quarter, the Credit Suisse numbers were flattered by an accounting gain on the value of its own debt -- which occurs because the bank could profit from buying back its own bonds at lower levels.
(Reporting by Emma Thomasson)