CNN reports that Oswald Gruebel, co-chief executive of the Credit Suisse Group, has said that further job losses are likely as the insurance and banking businesses struggle to return to profitability.
Gruebel was interviewed by Credit Suisse's client magazine and said that at loss making insurance unit Winterthur 'a reduction in staff numbers will undoubtedly be necessary in some areas.' Gruebel added that he hoped that the cuts would be made by natural wastage. Winterthur has actually seen staff numbers increase by around 2,000 in the first nine months of the year.
Banking will also face the prospect of job losses. Gruebel said: 'As far as our European business is concerned, we have announced that we will be concentrating on private banking. This will impact the sales organisation and thus staff numbers'.