Credit Suisse to cut 1,500 jobs after loss

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

1st November, 2011

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 analysts surveyed by Bloomberg.

Chief executive Brady Dougan,...

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