Credit Suisse, HSBC to axe bank jobs

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Zurich: Switzerland's Credit Suisse AG and Britain's HSBC Holdings Plc are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite. The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup. Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3 % of its investment banking workforce of about 21,300. "The cuts will be made mainly in investment banking," a spokesman for the Swiss bank said.

The bank has already slashed 1,800 jobs this year. HSBC, Europe's biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.

"We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible.