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Credit Suisse cuts 650 jobs in UK Credit Suisse cuts 650 jobs in UK
(about 7 hours later)
Troubled Swiss banking giant Credit Suisse has confirmed that it will cut 650 jobs from its UK workforce.Troubled Swiss banking giant Credit Suisse has confirmed that it will cut 650 jobs from its UK workforce.
The bank has has struggled since the onset of the financial crisis and has been forced to write off assets worth billions owing to bad loans.The bank has has struggled since the onset of the financial crisis and has been forced to write off assets worth billions owing to bad loans.
It made a loss in the third quarter of this year of 1.26bn Swiss francs (£704,000;$1.05bn) compared with a profit of 1.3bn a year earlier. It made a loss in the third quarter of this year of 1.26bn Swiss francs (£704m;$1.05bn) compared with a profit of 1.3bn a year earlier.
The bank blamed "market conditions" for the 10% cut in its UK workforce.The bank blamed "market conditions" for the 10% cut in its UK workforce.
HSBC bank confirmed on Monday that it was cutting 500 jobs across the UK.HSBC bank confirmed on Monday that it was cutting 500 jobs across the UK.