Swiss banking major Credit Suisse today said it will cut 5,300 jobs, accounting for 11 per cent of its global workforce, by the first half of next year.
Battered by the financial turmoil, the company has incurred a whopping loss of three billion Swiss francs (about $2.5 billion) as of November-end in the fourth quarter. This is in addition to earlier writedowns worth billions of dollars.
Credit Sussie already slashed 1,800 jobs this year.
"The company will reduce its headcount by 5,300, an 11 per cent reduction of the bank`s workforce. These reductions will be primarily in investment banking and in related support areas, the vast majority of which will have taken place by the end of the first half of 2009," Credit Suisse said in a statement.
Credit Suisse said that job cuts, along with additional reductions in compensation and non-compensation expenses, would bring down costs by about two billion Swiss francs. The amount represents nine per cent of the bank`s reported nine-month annualised 2008 cost base.
"Costs associated with the strategic measures will amount to approximately CHF 900 million and the majority will be taken in the fourth quarter. These costs are not reflected in the estimated quarter-to-date result as of end-November," the statement said.
Noting that it would continue to invest in its private banking buinsess globally, the firm said it has made a net addition of 370 relationship managers in wealth management, as of November-end, exceeding its target of 330 for 2008.
Source:
http://www.business-standard.com/india/news/credit-suisse-to-slash-5300-jobs/08/
Battered by the financial turmoil, the company has incurred a whopping loss of three billion Swiss francs (about $2.5 billion) as of November-end in the fourth quarter. This is in addition to earlier writedowns worth billions of dollars.
Credit Sussie already slashed 1,800 jobs this year.
"The company will reduce its headcount by 5,300, an 11 per cent reduction of the bank`s workforce. These reductions will be primarily in investment banking and in related support areas, the vast majority of which will have taken place by the end of the first half of 2009," Credit Suisse said in a statement.
Credit Suisse said that job cuts, along with additional reductions in compensation and non-compensation expenses, would bring down costs by about two billion Swiss francs. The amount represents nine per cent of the bank`s reported nine-month annualised 2008 cost base.
"Costs associated with the strategic measures will amount to approximately CHF 900 million and the majority will be taken in the fourth quarter. These costs are not reflected in the estimated quarter-to-date result as of end-November," the statement said.
Noting that it would continue to invest in its private banking buinsess globally, the firm said it has made a net addition of 370 relationship managers in wealth management, as of November-end, exceeding its target of 330 for 2008.
Source:
http://www.business-standard.com/india/news/credit-suisse-to-slash-5300-jobs/08/
Search News
News Categories
What's the News?
Post a link to something interesting from another site, or submit your own original writing for the Recruitment community to read.
Most Popular News
-
How to Headhunt the Headhunters??
Published about 04-10-2008 | Rated +2 -
3 Steps to find your perfect candidate
Published about 05-10-2008 | Rated +6 -
Recruitment Strategies
Published about 05-10-2008 | Rated +4 -
5 Interviewing Mistakes That Can Lead To Hiring The Wrong Person
Published about 05-10-2008 | Rated +3
Most Recent User Submitted News
- WE HAVE A EXALENT 13 YEARS EXPIERIENCE SOA ARCHITECH RESOURCE
Submitted by Madhu | Rated 0 - Respect for all applicants will reap long-term rewards
Published about 04-02-2009 | Rated +1 - Happy Employees Are Valuable Assets
Published about 15-09-2009 | Rated 0 - Credit Suisse to slash 5,300 jobs
Published about 04-12-2008 | Rated 0