Poor IB results drive Credit Suisse cost-cutting
Credit Suisse reported a rise in pre-tax profits on Tuesday, but a sharp drop in the performance of its investment bank led to the firm announcing a further 1,500 job cuts — 3% of its workforce — on top of the 2,000 cuts announced earlier this year.
The earlier reductions were planned to hit the investment bank in particular, but the bank said the new cuts would be across the group. Nonetheless, the bank is reorganising areas of its trading operations, with emerging markets taking a knock (see separate story above).
Third quarter group pre-tax profit
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