Credit Suisse and Nomura cut jobs

by Gill Montia

Story link: Credit Suisse and Nomura cut jobs

Credit Suisse is reducing its global headcount by 11% in a move that will see around 5,300 posts disappear.

Switzerland’s second-biggest bank traded at a loss of approximately $3.9 billion during October and November and the move is aimed at reducing costs.

The job losses will bring the bank’s total cull since the beginning of the year to 7,100 with the current round of cuts focused on its investment banking division, where it is scaling down its involvement in complex products and reviewing its trading activities.

In related news, Japanese financial group, Nomura, is cutting 1,000 jobs in London having completed an internal review prompted by the acquisition of Lehman Brothers’ equities and investment banking operations, in October.

London’s loss, which amounts to around one quarter of the group’s staff in the capital, means that a significant number of jobs in the businesses acquired from the collapsed Wall Street bank will be retained.