Credit Suisse, the investment bank, has announced that it will cut 75 investment banking and support jobs in the UK.
It has, however, also said that it will continue to hire in areas such as information technology, fixed income flow sales and private banking relationship management.
Credit Suisse told Bloomberg: “We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions.”
The announcement comes a day after it was revealed that Barclays Capital was planning to cut around 400 back office jobs across its global offices.
In its Q1 financial results this year, Credit Suisse said it had increased its workforce by 1,600, including IT staff, since the beginning of last year, as it turned in an increased profit.
At the end of the first quarter, the group had 48,300 employees overall. It said the growth in numbers was mainly in its IT department, alongside its sales force for fixed income, prime services and cash equities in its investment banking division. The number of IT staff primarily grew in the group’s Investment Banking and Private Banking divisions, as the bank focused on systems in those businesses.
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