Credit Suisse to shed a further 5,300 jobs: Amid $2.5bn loss

Credit Suisse (NYSE:CS) said that it will be cutting a further 5,300 jobs, this comes as the Swiss Bank made an announcement that it made about 3 Billion Swiss francs ($2.5 billion) net loss in the two months to the end of November.

On Thursday, Credit Suisse reported the update on its fourth-quarter performance, according to the bank most of the loss was made in the investment banking division, where the majority of the job losses will acquire, blaming risk reduction and adverse market conditions for the loss.

The Swiss Bank added, mainly in the fourth quarter it will take a restructuring charge of 900 million Swiss francs.

The job losses at Credit Suisse will represent 11 percent of the total workforce, and the redundancies will take place by the first half of 2009.

Credit Suisse had already axed 1,800 jobs this year, and only this week announced 650 job losses in the UK, it was also reported that the bank will axe 170 jobs in Asia.

Source: Reuters