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Credit Suisse To Axe 300 Jobs

by Philip Morton, Investors Offshore.com

24 December 2002


It emerged last week that the Credit Suisse Group is to cut 300 jobs at its base in Zurich next year in order to facilitate its stated aim of returning to profit in 2003.

Reporting on Friday, Swissinfo.org revealed that the move, set to save around SFr140 million will involve the merging of some investment banking activities into its financial services division.

'CS said Zurich-based securities and treasury operations at its investment bank, Credit Suisse First Boston would be moved into its Financial Services division, and the job cuts would be spread across both,' the news service explained.

Credit Suisse's problems really began, according to experts, when - under former CEO, Lukas Muhlemann - the company embarked on an aggressive expansion strategy into investment banking and insurance, which left the group highly exposed when the current global economic slump began.

Joint chief executives, John Mack and Oswald Grubel are now left with the unenviable task of trying to cut costs and restore earning power after the Credit Suisse Group reported a SFr2.1 billion loss in the third quarter largely, according to Swissinfo 'on the back of losses at CSFB and CS's insurance subsidiary, Winterthur'.

It is not known whether any further job losses are anticipated over the coming year.


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