Credit Suisse to cut jobs as profits dip sharply

GENEV: Credit Suisse Group has announced fresh job cuts of about 4 percent of its workforce while posting sharply lower second-quarter net profits of 768 million Swiss francs ($959 million).
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GENEV: Credit Suisse Group has announced fresh job cuts of about 4 percent of its workforce while posting sharply lower second-quarter net profits of 768 million Swiss francs ($959 million).

Credit Suisse said net profit fell more than 50 percent from 1.6 billion francs in last year's April-June period and was below analysts' predictions for a profit of 1.01 billion Swiss francs ($1.25 billion).

Operating income fell to 1.37 billion francs from 1.7 billion francs, due to weak trading and the 23 percent year-on-year drop in value of the U.S. dollar against the Swiss currency.

Chief Executive Brady Dougan said the bank would cut jobs 4 percent across the board to save about 1 billion francs next year because of the "disappointing performance" this quarter.

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