Credit Suisse Group AG (NYSE: CS) and Barclays PLC (LON: BARC) will begin mass layoffs

Job cuts will be very massive

In brief: Credit Suisse and Barclays started job cuts. Credit Suisse Group AG (NYSE: CS) and Barclays PLC (LON: BARC) will lay off about 1000 employees.

European banks are experiencing hard times. Credit Suisse Group AG (NYSE: CS) shares fell to 44.72, losing -2.26 (-4.81%). Barclays PLC (LON: BARC) shares are 306.15 points, down -7.45 (-2.38%) yesterday.

The second-largest Swiss bank Credit Suisse and British bank Barclays started job cuts after the announcement of the expected decrease in revenue this year. It is reported that Credit Suisse cut 75 jobs in its UK investment banking division, and Barclays Capital, the investment banking branch of Barclays, intends to dismiss 300 people.

Igor Tringlers
2010-08-12 12:07, Economics.

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