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MONDAY, NOVEMBER 23, 2009
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Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses

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(Newser) – Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as Credit Suisse refocuses on its more profitable private banking and waits for market conditions to improve.

In this April 24, 2008 file photo, the logo of Credit Suisse is seen, in Zurich, Switzerland.
In this April 24, 2008 file photo, the logo of Credit Suisse is seen, in Zurich, Switzerland.   (AP Photo/Keystone, Alessandro Della Bella, File)
In this April 24 file photo, the logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland. Credit Suisse Group said Thursday, Dec. 4, 2008 it is cutting 5,300 jobs.
In this April 24 file photo, the logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland. Credit Suisse Group said Thursday, Dec. 4, 2008 it is cutting 5,300 jobs.   (AP Photo/Keystone, Alessandro Della Bella, file)
March 28, 2008 file picture shows the logo of Credit Suisse above the main entrance to the headquarters at the Paradeplatz square in Zurich, Switzerland.
March 28, 2008 file picture shows the logo of Credit Suisse above the main entrance to the headquarters at the Paradeplatz square in Zurich, Switzerland.   (AP Photo/Keystone, Gaetan Bally,fls)
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