Layoffs mount as crisis drags on

By Anshuman Daga

SINGAPORE (Reuters) - Credit Suisse (CSGN.VX) and Nomura Holdings (6501.T) announced big job cuts on Thursday, further evidence the global financial crisis is unrelenting for an industry battered by heavy losses and weak markets.

The 5,300 layoffs by the Swiss bank and a further 1,000 in London by Japan's biggest broker are the latest in the global financial sector which has now seen over 150,000 jobs culled since September when Lehman Brothers (LEHMQ.PK) filed for bankruptcy.

Of these, more than 50,000 were at Citigroup (C.N), which has made more writedowns than any other bank in the world during the crisis.

While the axe had been falling for months in the industry, Lehman's fall sparked carnage in financial markets and reshaped the industry landscape, resulting in job losses from New York to Singapore to Mumbai.

"I dont think people really know what's next. It depends on sentiment, which will in turn drive credit markets, which in turn will weigh on banks or not," said a London-based equities trader.

From the United States to Asian export giant Japan to European powerhouse Germany, the world's top economies are now in recession as the global crisis deepens. They are not the only ones with Singapore, New Zealand and Hong Kong also joining in.

The losses at banks are increasing. Credit Suisse said on Thursday it made a net loss of about 3 billion Swiss francs (1.7 billion pounds) in October and November.

It has already cut 1,800 jobs this year and said this week it would cut 650 investment banking jobs in Britain.