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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.”

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