Credit Suisse to sack 5,300 employees

by Amitjha | December 4, 2008 at 02:10 am

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The sacking spree is spreading like wild fire all over the world.The Swiss financial giant is going to fire there trusted employees in the name of crisis.

Troubled Swiss banking giant Credit Suisse has said it is shedding another 5,300 jobs from its global workforce.

Most of the jobs being lost are in investment banking. The firm has already shed 1,800 posts this year.

The bank has struggled since the onset of the financial crisis and has been forced to write off assets worth billions owing to bad loans.

It said it had a net loss of about 3bn Swiss francs ($2.5bn; £1.7bn) in the two months to the end of November.

Credit Suisse said the loss, primarily in investment banking, was due to adverse market conditions and risk reduction. In addition it will take a restructuring charge of 900m Swiss francs.

"Investment banking had a significant pretax loss, reflecting the challenging conditions in the financial markets in the quarter and the costs associated with risk reduction," Credit Suisse said in a statement.