Credit Suisse is expected to cut between 1,500 and 2,000 jobs, a Swiss paper reported, without naming sources. The official announcement is expected yet this week, when Credit Suisse posts its next quarterly results, according to The Neue Zuercher Zeitung (NZZ).
Another Swiss newspaper, Handelszeitung, reported on June 15 that Credit Suisse was set to cut several hundred investment banking jobs, particularly in the U.S. but also in Switzerland, because of sluggish client activity.
A spokesperson for Credit Suisse, which employed 20,800 at the end the first quarter in investment banking, declined to comment on the NZZ report.
Cross-town rival UBS, meanwhile, said earlier this week it would slash costs and cut jobs as it would miss targets it set in 2009 after disappointing second-quarter profits hurt by sluggish markets and a strong franc.
