Swiss bank announces job losses

Credit Suisse Group has announced a 3% cut in its staff across the board after reporting weak third-quarter net profits of 683m Swiss francs (€570m).

The bank’s earnings follow weak reports across the banking industry this season due to low trading activity.

Analysts had predicted Switzerland’s second-biggest bank might report earnings of almost 900m francs this quarter.

A year ago, Credit Suisse reported exceptionally weak net profits of 609m francs.

In July, the bank reported it would cut more than 2,000 jobs after its profits dropped by half, more than expected, due to a strong Swiss franc and a plunge in trading and investment banking earnings.

Today Credit Suisse Group announced it will cut approximately 1,500 more staff.

Chief executive Brady Dougan said the third quarter presented “a challenging environment with a high degree of uncertainty, low levels of client activity across businesses and extreme market volatility”.