Profits grow, layoffs too. Crédit Suisse announced the cutting of 1.500 jobs following the difficulties experienced by the securities brokerage division, which recorded its first loss since 2008. In July, 2.000 redundancies had already been announced. Overall, the workforce will thus be reduced by 7%, for savings estimated at two billion francs.
Meanwhile, the Swiss Bank closed the third quarter with a net income up 12% to 683 million Swiss francs (562 million euros). Despite the increase it is a figure lower than expected by analysts, who estimated a profit of 1 billion francs.
The performance is influenced by some provisions: one of 183 million to resolve some tax issues with Germany and one 295 million "related to the tax issue in the United States". Also between June and September, revenues were 7,1 billion francs, down 51,4% compared to a year ago.
On the Stock Exchange, Crédit Suisse shares lost more than 8% in the first few moments in a particularly weak scenario for European banks.
