Huffpost Business

Credit Suisse Reportedly Could Cut Up To 2,000 Jobs

Posted: Updated:

Credit Suisse will likely announce cost savings measures including a cut of 1,500-2,000 jobs, a Swiss paper reported on Tuesday, without naming any sources.

The Neue Zuercher Zeitung (NZZ) said Credit Suisse would probably make the announcement on Thursday, when it posts its next quarterly results.

Swiss newspaper Handelszeitung, citing unnamed sources, reported on June 15 that Credit Suisse was set to cut several hundred investment banking jobs, particularly in the United States but also in Switzerland, due to sluggish client activity.

A spokesman for Credit Suisse, which employed 20,800 at the end the first quarter in investment banking, declined to comment on the NZZ report.

Cross-town rival UBS, meanwhile, said earlier on Tuesday it would slash costs and cut jobs as it would miss targets it set in 2009 after disappointing second-quarter profits hurt by sluggish markets and a strong franc.

(Reporting by Catherine Bosley; Editing by Will Waterman)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Around the Web

Credit Suisse may cut up to 2000 jobs: report -

Credit Suisse may cut up to 2000 jobs: report

UBS Slashes Costs as Profit Slides

UBS to axe 5000 jobs, CS to cut 1000: reports

Isle of Man jobs could go at Credit Suisse

Credit Suisse Said to Plan 600 Investment-Bank Job Cuts Including in U.K.

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs