Credit Suisse Readies More New York-Area Layoffs

Credit Suisse Group will lay off another 78 employees in the New York region by year-end, its fourth round of cuts for the area this year.

The layoffs, disclosed in a filing with New York State's Department of Labor on Thursday, will begin on Oct. 15 and extend through Dec. 29.

A Credit Suisse spokesman declined to expand on the notice.

With Thursday's disclosure, the Zurich-based bank company, has announced 451 New York-area job losses this year through the state-required notices. Credit Suisse employed about 11,700 people in the Americas at the end of 2011.

Credit Suisse last year announced plans to cut 3,500 people globally by 2013 as part of a $2.1 billion cost-saving effort.

Major banks worldwide are trimming trading and other businesses to cope with new capital requirements, weak global economies and flaccid equities trading volumes. Credit Suisse earlier this year closed its commercial mortgage-backed securities origination businesses and said it was accelerating cuts in some of its asset-management operations.