Credit Suisse may cut up to 2,000 jobs: paper
ZURICH: 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.
Copyright Reuters, 2011
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