Credit Suisse to cut 11% of staff

Credit Suisse on Thursday said it had lost a net SFr3bn ($2.5bn) in the two months to the end of November and would axe about 11 per cent of its workforce, principally in investment banking.

The lay-offs comprise 5,300 internal jobs and a further 1,400 with contractors in support functions, such as information technology. The “vast majority” will be shed by the end of June.