Credit Suisse IT staff face jobs fear

Credit Suisse IT staff face jobs fear

Bank slashes 1,500 roles across all functions

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Credit Suisse IT staff are facing renewed worries after the bank announced it was cutting 1,500 jobs, including back office functions.

The Swiss bank said it will cut three percent of its 50,700 workforce, across functions, in spite of a 12 percent rise in third quarter profits to 683 million Swiss Francs (£483 million). The bank said the profits were “below expectations”.

The cuts are in addition to the 2,000 losses announced in July.

Credit Suisse had not commented in more detail, at the time of writing, on the roles affected.

The bank is attempting to cut two billion Swiss Francs (£1.4 billion) from costs by 2013. It said the job cuts, “centralisation of our infrastructure, and streamlining operational and support functions” played key parts in the cost cutting.

It also aims to optimise processes and improve vendor management as part of the changes.

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