ZURICH (Reuters) - Swiss bank Credit Suisse is cutting about 2,000 jobs after weak trading activity and the strong Swiss franc hit second-quarter results.
Investment banks worldwide have been hit by slow trading due to the debt problems in the euro zone and United States, as well as regulations aimed at forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis.
Switzerland's second-biggest bank said on Thursday it planned to cut about 4 percent of its staff of 50,700, about the same number it added in a post-crisis hiring spree focused on fixed income, the area hit most by current sluggish markets.
via news.yahoo.com
