Credit Suisse to cut additional 1,500 jobs in business cost reduction program The finance sector has struggled under the weight of a tepid global economy and an increasingly stringent regulatory climate. In an effort to achieve business cost reductions, Switzerland-based Credit Suisse said it planned to lay off workers.

Credit Suisse, the second biggest bank in Switzerland, said recently it would reduce its payroll by an additional 1,500 jobs. Officials affirmed continued volatility in worldwide trading markets, coupled with a weak economy, prompted the efforts to further reduce its workforce.

The news comes as the bank reported its third quarter results, which largely missed expectations as its net income jumped by 12 percent compared to 2010. The New York Times reports the bank had previously announced layoffs earlier in the year, citing increased competition from other banking units and the effects of the worldwide economic slowdown.

"During the third quarter we experienced a challenging environment with a high degree of uncertainty, low levels of client activity across businesses and extreme market volatility," Credit Suisse chief executive Brady W. Dougan said.

Even with its disappointing earnings report, Credit Suisse is still considered one of the stronger European banks, as many others have been incongruously affected by the ongoing sovereign debt crisis gripping the continent.

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