Credit Suisse to Cut 4,000 Jobs after Reporting First Annual Loss Since 2008

Credit Suisse is planning to cut 4,000 jobs after the bank made a pre-tax loss for the year of 2.4 billion Swiss francs ($2.4 billion), which was its first annual loss since 2008.

The bank said that included “substantial charges which are not reflective of our underlying business performance”.

Credit Suisse has written off 3.8 billion Swiss francs linked to its acquisition of Donaldson, Lufkin & Jenrette in 2000.

It said it planned to save 900 million Swiss francs “from workforce strategy and the rightsizing of the bank’s London presence”.

The bank said that the job losses announced with the results were an acceleration of cuts that were already planned.

Credit Suisse’s shares fell 9% in early trading in Zurich to their lowest level since 1992, because of a gloomy outlook for the current year.

CEO Tidjane Thiam said: “Market conditions in January 2016 have remained challenging and we expect markets to remain volatile throughout the remainder of the first quarter of 2016 as macroeconomic issues persist.”