Credit Suisse to Eliminate 5,300 Jobs

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Dec. 4 (Bloomberg) -- Credit Suisse Group AG, Switzerland’s second-largest bank, will eliminate 5,300 jobs and scrap bonuses for its top executives after about 3 billion francs ($2.5 billion) of losses in the past two months.

The job cuts, which amount to 11 percent of the workforce, include about 3,800 at the securities unit, Zurich-based Credit Suisse said today.

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Most of the job cuts will occur by the end of next June, and will include support positions in both asset management and private banking. The reductions will be concentrated in the U.S., where the investment-banking business is bigger, Dougan said. Credit Suisse said earlier this week it will eliminate 650 employees in London.

Today’s announcement brings total job cuts at Credit Suisse to 7,390, compared with 9,000 at UBS. UBS agreed in October to a $59.2 billion aid package from the Swiss government and the central bank to relieve it of risky assets, while Credit Suisse declined assistance.

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