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Credit Suisse to axe 650 investment banking jobs

Credit Suisse has announced plans to cut 650 jobs from its investment banking division in the UK as it looks to stave off the effects of the credit crunch.

The Swiss-based bank, which made a loss of £704m in the third quarter of 2008, is understood to have informed staff on Monday.

The news follows HSBC’s announcement that it is to cut 500 of its 58,000 jobs in the UK.

HSBC said the move followed “a review of the business and current economic
conditions”.

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