28 Jul '11, 6am

Credit Suisse to cut 4% of staff worldwide

Credit Suisse to cut 4% of staff worldwide

ZURICH: Swiss banking giant Credit Suisse said on Thursday that its second quarter net profit plunged 52 percent, adding it would cut about four percent of its workforce worldwide. Net profit for the three months ending June fell to 768 million Swiss francs (US$957 million, 667 million euros) from 1.6 billion francs a year ago, amid "disappointing performance" by its investment bank unit. Concerns over the European debt crisis and weakening global economic indicators led to weak client demand and a poor trading environment, said the group. In addition, the strong Swiss franc took 348 million francs off pre-tax income compared to a year ago. "In order to ensure attractive returns in the face of an uncertain and challenging economic and market environment, we continue to be proactive about seeking cost efficiencies across the bank," said Brady Dougan, chief executive of the ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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