Swiss bank Credit Suisse said on Thursday it had a net loss of about CHF 3 billion ($2.5 billion) at the end of November and it was shedding another 5,300 jobs, mainly in investment banking.
The bank 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 CHF 900 million, mostly in the fourth quarter. The Swiss bank said that in the sole month of November it was modestly profitable and that its private banking segment was still seeing asset inflows.
Credit Suisse has so far managed the worst financial crisis since the Great Depression without state aid but hefty losses at its investment banking division have dragged the Swiss bank into a CHF 1.3 billion loss in the third quarter.
Credit Suisse, which has cut already 1,800 jobs this year, said this week it would cut 650 investment banking jobs in Britain. A source at the bank said on Wednesday the lender would shed another 170 jobs in Asia. Shares in Credit Suisse have been under pressure in recent weeks and have lost nearly 30% in a month. (Reuters)