Credit Suisse announces 4,000 job cuts
March 11, 2016, 1:07 pm

Credit Suisse has announced that it is going to cut 4,000 jobs.

The announcement came with the release of results for 2015. The bank made a pre-tax loss for the year of 2.4bn Swiss francs ($2.4bn; £1.6bn), which was its first annual loss since 2008.

It said that included "substantial charges which are not reflective of our underlying business performance".

It has written off 3.8bn Swiss francs linked to its acquisition of Donaldson, Lufkin & Jenrette in 2000.

Credit Suisse said it planned to save 900m Swiss francs "from workforce strategy and the rightsizing of the bank`s London presence".

The bank said that the job losses announced with the results were an acceleration of cuts that were already planned.

Its shares fell 10% in Zurich to their lowest level since 1992, because of a gloomy outlook for the current year.

"Market conditions in January 2016 have remained challenging and we expect markets to remain volatile throughout the remainder of the first quarter of 2016 as macroeconomic issues persist," chief executive Tidjane Thiam said.


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