Credit Suisse to axe 650 UK jobs

Credit Suisse is to cut around 650 UK jobs, the investment bank said.

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.

It has offices in London, Birmingham and Manchester.

Yesterday HSBC said it planned to reduce its UK workforce by around 500 following a review of the business and "current economic conditions".