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Loan Protection: Credit Suisse cuts 75 jobs

Swiss bank Credit Suisse has announced it will cut 75 jobs from its UK operations.

The firm has been hit by reduced income following the European debt crisis as clients become more cautious with their investments.

This has led to the company instigating cost-cutting measures, beginning with a reduction in staff numbers.

A statement from the firm said: "We are currently reducing headcount by approximately 75 in the United Kingdom in the investment bank and certain support functions."

An industry source told Reuters that further job cuts could be prevalent throughout the banking sector over the next two months if client confidence does not return.

Credit Suisse said it continued to hire in certain divisions including fixed income flow sales, private banking relationship management and information technology.

The bank was relatively unaffected by the credit crisis compared to Citigroup, Merrill Lynch and JPMorgan as it had far lower writedowns than its rivals.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800027410-ADNFCR

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