Swiss 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.