Credit Suisse to slash 1,500 jobs

Swiss banking giant Credit Suisse will cut another 1,500 jobs from its global workforce of 50,700 despite profits rising in Q3, the BBC has reported.

The announcement followed the bank's third quarter results, with the firm reporting net profits of 683m Swiss francs (£483m).

Profits were up 12% year on year, but despite this the bank's chief financial officer described the results as "below our expectations".

The group has therefore opted to wield the axe just months after cutting 2,000 roles in July.

"We believe subdued economic growth and the low interest rate environment and increased regulation that we are seeing may persist for an extended period," said chief executive Brady Dougan.

"We may well continue to see continued low levels of client activity and a volatile trading environment."