The New York Times has reported that Credit Suisse is planning to further reduce the size of its European investment banking unit.
"Credit Suisse which announced plans last year to eliminate 3,500 jobs as part of an overhaul of its worldwide operations may reduce the work force in its European investment banking division by as much as 30 per cent," the daily said.
According to the report, the new job reductions in that unit are part of the bank's previously announced restructuring plans and could take place over the next 12 months.
The cutbacks are expected to be focused in the bank's advisory and capital markets businesses in Europe, it added.
"The prospect of layoffs in the bank's European investment banking unit comes soon after Switzerland's central bank said Credit Suisse needed to increase its capital this year to prepare for a potential worsening of the European debt crisis," the daily reported.
Last month, Credit Suisse had said it would let go 126 employees in the New York area by the beginning of August. As per a progress report on its restructuring efforts, Credit Suisse had eliminated 2,000 jobs by end of March.
The publication noted that with a new round of layoffs in Europe, Credit Suisse is reacting to a broad reduction in deal activity and initial public offerings on the continent prompted by market volatility and the debt crisis.