Not surprising, but still bad news. From Reuters:
Swiss bank Credit Suisse said on Thursday it had a net loss of about 3 billion Swiss franc ($2.5 billion) at the end of November and it was shedding another 5,300 jobs, mainly in investment banking.And Japanese investment firm Nomura, who purchased some of the old Lehman Brothers in London is also announcing terminations. Lots of people talking about the substantial payouts throughout the industry to induce people to leave. Sounds like many are doing just fine compared to others who have been axed, provided one can scrape by on hundreds of thousands.
The bank said the loss, primarily in investment banking, was due to adverse market conditions and risk reduction.
In addition, it will take a restructuring charge of 900 million Swiss francs, mostly in the fourth quarter.
