Credit Suisse AG joins HSBC and cuts 650 jobs

Credit Suisse AG (NYSE:CS) announced they are making 650 job cuts, this come just a few hours after HSBC (LON:HSBA) announced they were cutting 500 jobs in the UK.

A Credit Suisse spokesperson said that the staff were told on Monday, but would not disclose any further information. However they did say that the job losses would be mainly in the investment banking division. The job losses measure up to around 10 percent of the Credit Suisse workforce in Britain.

Since September job losses have topped 90,000 in the financial sector after the Lehman Brother’s collapse sent the financial world tumbling.

Credit Suisse have offices on Manchester, Birmingham and London and have said the job cuts were necessary, and blamed that poor market conditions.

Source: Reuters

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