Credit Suisse Group has formed a new division combining its rates, foreign-exchange and commodities operations as it cuts more than 100 fixed-income jobs in London and New York.

The newly formed Global Macro Products group will be managed by Jon Kinol, global head of rates in New York, alongside head of global foreign exchange David Tait in London, according to Bloomberg.

Gaël de Boissard, head investment banking said that all the staff affected by the job cuts has been notified about these redundancies.

The bank’s CEO Brady Dougan said that its fixed-income business had a challenging third quarter as client activity slowed across the industry.

Last month, Credit Suisse’s investment bank reported that its pretax profit decreased 53% in the third quarter from a year earlier to CHF229 million as revenue from fixed-income sales and trading decreased 42% to CHF833 million, while revenue from equities increased 8.3% to CHF1.07 billion.

Meanwhile, the bank said that it would shrink its rates business, by 44% in terms of risk-weighted assets and is transferring CHF10 billion of risk-weighted assets into a non-strategic unit.

Bllomber further quoted de Boissard saying: "Given the changes to the macro environment and the evolution of the financial and regulatory framework, we are combining our rates, FX (foreign exchange) and commodities franchises into a newly formed Global Macro Products group. It allows us to create scale in our delivery of macro products, and therefore achieve capital-and cost-efficiency."