FTAdviser.com

Advertising

The news comes just one day after HSBC confirmed that it would also be making 500 redundancies across the UK, mostly centred around its UK head office in Canary Wharf. (See story)

Credit Suisse, Switzerland's second-largest bank, said today (2 December) the it was cutting 650 jobs due "to market conditions and projected staffing levels required to meet client needs".

This is equivalent to about 3 per cent of its global investment banking workforce of about 21,300 people, and about 10 per cent of its UK-based workforce.

The troubled bank has already cut about 1,800 jobs so far this year.

The latest round of cuts come after Credit Suisse reported a loss in the third quarter of 2008 of 1.26bn Swiss francs (£704m) compared with a profit of 1.3bn Swiss francs in 2007.

Meanwhile, yesterday (1 December) HSBC confirmed that following a review of current business and economic conditions, it had decided it was necessary to axe 500 roles among its UK workforce.

This follows the bank's earlier announcement in September that it was to cut about 1,100 jobs worldwide.

HSBC currently employs 58,000 people in the UK, meaning the job cuts represent just under 1 per cent of its total UK personnel.