Credit Suisse cutting about 2000 jobs
Arabnews.comZURICH: Swiss bank Credit Suisse is cutting about 2,000 jobs after a second quarter hit by weak trading activity and the strong Swiss franc.
Net profit fell to 768 million Swiss francs ($958.9 million), the bank said, below average analyst forecasts for 1 billion. Net new assets in private banking were 11.5 billion, below average analyst forecasts for 14.2 billion.
Switzerland’s second biggest bank said it planned to cut about 4 percent of its staff of 50,700, about the same number it added in a post-crisis hiring spree focused on fixed income, the area hit most by current sluggish markets.
“We have to recognize the likelihood that the current headwinds in the economic and market environment may be more persistent than we would have hoped,” said Chief Executive Brady Dougan and Chairman Urs Rohner.
“We expect interest rates to remain low for an extended period of time and the strong Swiss franc to continue to have an impact on our results. We may also continue to see lower levels of client activity and a volatile trading environment.”
Investment banks worldwide have been hit by slow trading due to the debt crises in the euro zone and US as well as post-crisis regulations aimed at forcing banks to hold more capital to protect them from future shocks.
Rival UBS said on Tuesday it would cut costs by up to 2 billion francs and push back targets after reporting disappointing second-quarter profits due to slow trading in fixed income, currencies and commodities (FICC).
Credit SuisseBrady W. Dougan is the CEO for the Credit Suisse Group .
Note: Anton van Rossum is a director at the Credit Suisse Group, and was a trustee at the Conference Board.
Josef Ackermann is the vice chairman at the Conference Board (think tank) , and a 2008 Bilderberg conference participant (think tank).
Klaus Kleinfeld is a trustee at the Conference Board (think tank) , a member of the Trilateral Commission (think tank) , a trustee at the Brookings Institution (think tank) , the chairman of the U.S.-Russia Business Council , and a 2008 Bilderberg conference participant (think tank).
Dr. Kleinfeld became Chairman of the U.S.-Russia Business Council on September 25, 2009 illuminati-news.com
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