November 1, 2011 / 7:31 AM / 8 years ago

Credit Suisse CEO: job cuts across all units, regions

ZURICH (Reuters) - The 1,500 job cuts Swiss bank Credit Suisse CSGN.VX announced on Tuesday will come across all units and regions, Chief Executive Brady Dougan told Reuters Insider television.

“It is an indicator of the direction the industry has to go,” Dougan said in an interview.

Dougan said he was pleased that the Swiss franc had been more stable in the quarter but said he expected more foreign exchange volatility to come and structural measures to offset the strong currency could only be enacted over time.

Credit Suisse said this summer it would cut about 2,000 jobs out of a total staff of about 50,700 as it targeted 1 billion francs in cost savings. It said the new cuts announced on Tuesday should bring those cost savings to 2 billion francs.

Reporting by Katharina Bart

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