Belfast Telegraph

Credit Suisse to axe 2,000 jobs from global markets business

Swiss banking giant Credit Suisse is to slash 2,000 jobs from its global markets business in a further step to drive down costs.

The bank said the job losses would come on top of 4,000 staff cuts announced last month, as it upped its savings targets from 3.5 billion Swiss francs (£2.5 billion) to 4.3 billion Swiss francs (£3.1 billion) for 2018.

The lender - which employs about 48,200 staff globally - said it would not provide a breakdown stating which offices would be hit by the cuts.

The announcement comes after the company revealed last month that it had slumped to a full-year pre-tax loss of 2.4 billion Swiss francs (£1.6 billion) - its first annual loss since 2008.

Chief executive Tidjane Thiam said the efficiency drive would improve the resilience and flexibility of the company going forward.

He added: "We are well positioned for profitable growth in our chosen markets, with our geographical divisions - APAC, IWM and Swiss UB - set to benefit over time from the investments we are making and the continued focus of our teams."

The company - which said it had a UK workforce of about 6,600 staff in October - blamed "challenging market conditions" for the " disappointing " financial performance of its global markets business.

Mr Thiam added: " In this context, we have taken immediate action to reduce outsized positions in activities not consistent with our new strategy and systematically reduced our exposures."

It also said that writedowns were lower in the first quarter of 2016 at 346 million US dollars (£245 million) as of March 11, compared with 633 million US dollars (£448 million ) in the fourth quarter of 2015.

Mr Thiam announced he would be joining Credit Suisse from insurer Prudential in March last year.

He joined the Pru from rival Aviva in 2008 and served as its chief financial officer for a year before taking on the role of chief executive.