Credit Suisse to cut 1,500 jobs after loss

Credit Suisse Group, the second-biggest Swiss bank, said it will cut about 1,500 more jobs and reorganise its securities unit after the division reported its first quarterly loss since 2008.

Third-quarter net income rose 12 per cent to 683 million Swiss francs (€560 million), helped by an accounting gain from the widening of its credit spreads, the Zurich-based bank said in a statement today. That missed the 979 million-franc mean estimate of 12 ...