INVESTMENT bank CREDIT Suisse is to cut around 650 UK jobs.
In addition to Manchester, the bank also has offices in London and Birmingham.
The cut represents about 10 per cent of the company's UK workforce and comes as a further blow to the financial services sector.
A spokesman for Credit Suisse said: “Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by approximately 650 in the United Kingdom.”
Founded in 1856, Credit Suisse is Switzerland's second-largest bank and employs more than 48,500 people in over 50 countries.
Earlier today HSBC said it planned to reduce its UK workforce by around 500 following a review of the business and “current economic conditions”.
Source : ManchesterEveningNews
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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