Credit Suisse announces cuts after huge profits
Thursday 25 October 2012
Printable
EmailSwiss banking group Credit Suisse said today that it would accelerate its cost-cutting, job-shedding programme.
The bank, which is already committed to sacking 7 per cent of its workforce, or about 3,500 employees, did not say how many more jobs would be targeted to cut costs by an additional 1 billion Swiss francs (£0.7bn) in 2014 and 2015.
Those reductions come on top of the 3bn francs (£2bn) in previously announced cuts the bank plans by the end of next year.
The cuts were announced at the same time as the bank reported a net profit of 254 million francs (£170m) between July and September compared with 683m francs (£454) in the comparable period of 2011.
But the apparent loss was largely due to a change in an accounting rule on how banks value their debt.
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Editorial
Iraq ruling is no vindication
Defence Secretary Philip Hammond believes himself vindicated by the High Court ruling that his Iraq Historic Allegations Team (IHAT) is independent.
Features
Turmoil set to continue
A look at the causes and possible outcomes of Silvio Berlusconi and his right-wing coalition's lead in the polls.
Our government has put us at risk
Attacks such as yesterday's horrific murder in Woolwich didn't happen before the 'war on terror.' It's time we recognised the consequences of the conflicts we've unleashed