February 1, 2012 / 12:21 AM / in 6 years

Credit Suisse to cut 109 jobs in New York City

(Reuters) - Swiss bank Credit Suisse Group AG plans to lay off 109 employees in New York City between early March and May this year, according to the New York State Department of Labor website.

The Zurich-based company cited economic reasons in its filing on Monday with the State’s Department of Labor.

Banks globally are shedding jobs as tough new regulation relating to their capital levels and a difficult third quarter for trading income take their toll on investment banking divisions.

Credit Suisse has 50,700 employees worldwide according to its website.

Reporting by Nicola Leske; Editing by Gary Hill

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