Swiss bank Credit Suisse says it made a net loss of about 3 billion Swiss francs ($2.5 billion) in the two months to the end of November, and announced it would shed another 5,300 jobs.
In an update on its fourth-quarter performance, the bank said the loss, primarily in investment banking, where most of the job cuts will fall, was due to adverse market conditions and risk reduction.
In addition, it will take a restructuring charge of 900 million Swiss francs, mostly in the fourth quarter.
'Investment banking had a significant pre-tax loss, reflecting the challenging conditions in the financial markets in the quarter and the costs associated with risk reduction,' the bank said in a statement.
Credit Suisse said most of the job cuts would take place by the end of the first half of 2009. In November alone, the bank said it was modestly profitable.
Credit Suisse has so far managed the worst financial crisis since the Great Depression without state aid, but hefty losses at its investment banking division dragged it to a 1.3 billion Swiss franc loss in the third quarter.
It has already cut 1,800 jobs this year and said this week it would cut 650 investment banking jobs in Britain.
