Credit Suisse to cut another 1,000 jobs: report

Reuters

Credit Suisse

The new job cuts, coming on top of those announced in July, will mainly occur in the United States and London and are linked to a restructuring of Credit Suisse's investment banking business, Tages-Anzeiger said on Monday.

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"The bank will reduce risk weighted assets by about 100 billion Swiss francs," the newspaper reported.

A spokesman for the bank did not wish to comment.

Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Credit Suisse said this summer it was going to cut about 2,000 jobs out of a total of about 50,700 as it was targeting 1 billion francs in cost savings.

Switzerland's other big bank, UBS <UBSN.VX>, said in August it was slashing 3,500 jobs to shave 2 billion Swiss francs off annual costs.

(Reporting by Silke Koltrowitz; Editing by Mike Nesbit)

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