Credit Suisse has announced it will cut 650 jobs in the UK as it struggles to deal with the financial crisis.
The Swiss banking giant has been one of the worst hit by the US sub-prime loans crisis, writing off billions of dollars of bad debt. Credit Suisse will reduce its total UK workforce by around 10% after the firm made a loss of £704m in the third quarter of 2008. The news comes the day after HSBC announced it would cut 500 UK jobs and the City of London has already seen thousands of redundancies as the economic situation has worsened. The bank's share price fell more than 12% on Wall Street yesterday. Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected] IFAonline
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