Bank axes 2,000 jobs in bid to claw back £2bn

Credit
Suisse First Boston is to cut 2,000 jobs worldwide as part of a $1bn
cost-cutting exercise.

The
investment bank is to cut 7 per cent of its 27,500 worldwide staff as part of
it bid to cut operating cots by $1bn by the end of next year.

The
company is not prepared to announce how many jobs will be lost in the UK.

"To
compete effectively with other top-tier financial services firms, we need to
drive down costs and seek ways to operate more efficiently. The steps we are
taking will more closely align the size of our business with changing market
conditions and bring our cost structure in line with our major
competitors," said CSFB chief executive officer John J Mack.

By Paul Nelson

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