Credit Suisse will cull 65 jobs across its fixed income business next week in an effort to reduce its presence in rates business.
The majority of the cuts are due to fall in sales and trading, with about half of the job losses expected to be in the rates business, according to Reuters.
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The Swiss bank recently said that it was restructuring its rates business following a poor quarter and tough rules on capital and leverage.
The firm added that it expects to target CHF3.2 billion (US$3.6 billion) of cost savings by the end of the year and a total of CHF4.5 billion by the end of 2015.
The job cuts came in response to newly introduced Swiss rules on capital and leverage.
The bank was quoted by Reuters saying, "It’s not going to be to the same extent as UBS. But obviously the pressures from the Swiss regulator are the same."
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