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Credit Suisse cuts another 1,500 jobs

Credit Suisse has announced it is to cut another 1,500 jobs following poor results in the third quarter of 2011.

The group announced net profits of £483m, 12 per cent above those made at the same point in 2010. However, the group has also set aside £211m to settle a US tax probe and £131m for a separate tax investigation in Germany.

The job cuts come on top of the 2,000 made in July.

Credit Suisse chief executive Brady Dougan says: “We believe subdued economic growth and the low interest rate environment and increased regulation that we are seeing may persist for an extended period,” he warned.

“We may well continue to see continued low levels of client activity and a volatile trading environment.”


Harker’s hunch

I have to cast my mind back to 1987 to recall a sustained period of stockmarket volatility similar to that seen in recent weeks. Rises and falls of 1, 2 or 3 per cent a day seem a matter of course, with a few bigger ones of around 5 per cent thrown in. It is […]

Gilt trip

A combination of higher inflation and a faltering economy should have been sufficient to push the stockmarket into reverse. Quite the opposite happened. Shares, while hardly running away, found support as confidence grew that the European debt crisis might somehow be kept under control. Of course, it is by no means certain that an accord […]


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