Credit Suisse fires about 75 UK investment bankers

Fri Jun 20, 2008 4:24pm BST

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LONDON (Reuters) - Credit Suisse Group (CSGN.VX) said on Friday it is cutting about 75 jobs across its British investment banking division, in a move which analysts said signals more layoffs at the bank could be on the way.

"Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by approximately 75 in the United Kingdom within the investment bank and certain support functions," it said.

Prior to the latest layoffs, Credit Suisse cut about 1,000 investment banking jobs this year, after shedding 170 jobs in the same division last year and 150 jobs in its residential mortgage-backed securities business.

More job cuts at the bank are "very likely", said WestLB analyst Georg Kanders, chiming with another analyst in London.

"It's an ongoing process," Kanders added.

Many other financial companies have reduced headcount since the U.S. housing crisis escalated last August.

(Reporting by Olesya Dmitracova; Editing by Quentin Bryar)

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