Credit Suisse to Cut 500 Investment Banking, Admin Jobs

Zurich–Switzerland’s second-biggest bank–Credit Suisse Group, based in Zurich–will eliminate 500 investment banking and administration jobs because earnings dropped for the third consecutive quarter, Bloomberg said.Since the subprime mortgage crisis began, Credit Suisse has cut 1,320 jobs, including 320 in September and October and 500 investment banking positions in January.Overall, banks and brokerages on a global level have eliminated 48,423 jobs in the past 10 months. Citigroup Inc. lost $5.11 billion in the first quarter and plans to cut 9,000 jobs; Merrill Lynch & Co., which announced a $1.96 billion first quarter loss, axed 3,000 jobs.