Credit Suisse says Glencore partnership strategic

ZURICH (Reuters) - Swiss bank Credit Suisse AG (CSGN.VX), which announced on Thursday it would slash 5,300 jobs worldwide, said its partnership with commodities trading giant Glencore International GLEN.UL continued to be strategic.

Credit Suisse said in August 2006 it had set up an alliance with Switzerland-based Glencore for the trading of derivatives and structured products in base and precious metals. The two companies also have a petroleum and oil trading partnership.

Credit Suisse's domestic competitor UBS (UBSN.VX) said in October that is was axing most of its global commodities business as it announced 2,000 job cuts, a retreat from a high-risk/high-return business many investment banks had piled into during the credit boom.

Asked whether Credit Suisse was planning to do the same as part of its hefty restructuring plan, CEO Brady Dougan told a conference call on Thursday the joint venture with Glencore "continues to be a strategic alliance."

The alliance is a revenue-sharing partnership in which Credit Suisse and Glencore share know-how to construct structured commodities products and to trade in commodities.

Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Barclays (BARC.L) are the world's leaders in commodities trading.

Credit Suisse has, together with other investment banks, expanded its activity in commodities in the past few years.

(Writing by Lisa Jucca, Editing by Peter Blackburn)