Credit Suisse, Switzerland’s second largest bank, has announced that it is to axe a further 650 UK jobs, adding to the 1,800 job cuts already made this year.

It is understood that the cuts will be made mainly in the investment banking arm of Credit Suisse, equating to around 3 per cent of its 21,300 investment banking staff.

In a statement, the cull was put down to “market conditions and projected staffing levels required to meet client needs".

Credit Suisse, which has offices in London, Birmingham and Manchester, declined to comment on the locations or timescales involved when contacted by WealthBriefing.

In October Credit Suisse cut 500 jobs across its investment banking divisions in US, Europe, the Middle East and Africa.  Meanwhile, the outlook for the private banking operations of Credit Suisse would seem to be far brighter.  

In the third quarter the bank suffered a net loss of SFr1.26 billion ($1.05 billion), but reported “strong operating results and sustained asset inflows in private banking”, with net new assets of SFr14.4 billion.

Earlier this month, Credit Suisse named Nicolas Dureux as director and head of investment consulting for its French private banking arm, an appointment the firm said underscored its commitment to the further growth of its private banking business in France. 

In addition, recent media reports indicate that Credit Suisse will unveil its wealth management operations in Japan in the second quarter of next year.

At 30 September the global assets under management of Credit Suisse Private Banking stood at SFr751.2 billion.