October 31, 2011 / 7:19 AM / in 6 years

Credit Suisse to cut another 1,000 jobs: report

ZURICH (Reuters) - Swiss bank Credit Suisse CSGN.VX will announce the loss of another 1,000 jobs when it presents third-quarter results on Tuesday, a Swiss newspaper reported without revealing its sources.

A logo is seen on a Credit Suisse building in Zurich, July 28, 2011. REUTERS/Christian Hartmann

The new job cuts, coming on top of those announced in July, will mainly occur in the United States and London and are linked to a restructuring of Credit Suisse’s investment banking business, Tages-Anzeiger said on Monday.

“The bank will reduce risk weighted assets by about 100 billion Swiss francs,” the newspaper reported.

A spokesman for the bank did not wish to comment.

Banks are shedding jobs worldwide as stricter regulations and a tough second quarter for trading income take their toll on investment banking units in particular.

Credit Suisse said this summer it was going to cut about 2,000 jobs out of a total of about 50,700 as it was targeting 1 billion francs in cost savings.

Switzerland’s other big bank, UBS UBSN.VX, said in August it was slashing 3,500 jobs to shave 2 billion Swiss francs off annual costs.

Reporting by Silke Koltrowitz; Editing by Mike Nesbit

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